Overview

• The national average for a 30-year fixed purchase mortgage fell by 6 basis points to 6.84% on July 22, retreating from last week’s one-month high of 6.91%.
• Rates for 30-year refinance loans have declined for four straight days, sliding 10 basis points from a one-month peak of 7.10% to 7.00%.
• New York, California, Florida, Washington, North Carolina and Pennsylvania offer the lowest average purchase rates (6.64%–6.83%), while West Virginia and Alaska top the chart at 6.91%–6.95%.
• Total mortgage application volume rose 0.8% last week as purchase applications climbed 3% and refinance applications dipped 3%, according to the Mortgage Bankers Association.
• Analysts point to fluctuations in 10-year Treasury yields, a hold on Fed rate cuts and lender competition as drivers of today’s modest rate relief and recommend locking in financing now with an eye to refinancing later.