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Mortgage rates dipped as Treasury yields decreased on the back of a cooling labor market, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.89% as of July 11, compared to 6.95% last week and 6.96% in the year-ago week.
15-year fixed-rate mortgages averaged 6.17%, down from 6.25% a week ago and 6.30% a year ago.
“Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist.
“We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers,” added Khater.