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Mortgage rates continued to trickle down this month, falling to 6.77%. The housing market continues its long-term movement to equilibrium, albeit slowly, as housing remains unaffordable for many Americans. The Data: According to a Freddie Mac report, the average 30-year fixed mortgage rate fell to 6.77% in the week ending July 17. This is lower than the 6.89% reading from the week ending July 11.

Shares of U.S.-listed mortgage lenders have risen on the heels of U.S. regulators allowing the Federal Home Loan Mortgage Corp (FMCC), aka Freddie Mac, to buy second mortgages, a move that could lower the cost of borrowing against home equity. The Federal Housing Finance Authority said Freddie Mac could buy up to $2.5 billion of second mortgages over an 18-month trial period, Bloomberg reported.

What is the key to bringing home sale volume up and home prices down? The Data: Freddie Mac?s May macroeconomic report examined key trends in the housing and mortgage market. While 2024?s higher-for-longer interest rate environment remains the most obvious obstacle to lowering home prices, the report emphasized supply as a means to restore the market to balance.

Mortgage rates have declined for the third consecutive week following signs of cooling inflation and lower interest rates from the Federal Reserve, according to Freddie Mac . The 30-year fixed mortgage rate averaged 6.87% as of Thursday, down from last week?s average of 6.95%. A year ago, the rate registered an average of 6.67%, Freddie Mac?s Primary Mortgage Survey showed.