Average 30-Year Mortgage Rate Dips Slightly

Many would-be home buyers have delayed purchasing in hopes of lower interest rates.

Workers construct new homes in a development in Loveland, Colo., on June 25, 2024. David Zalubowski/AP Photo

The average rate on new 30-year fixed-rate mortgage loans dropped slightly for the week ending July 11, bringing modest relief to buyers facing record-high home prices.

Mortgage buyer Freddie Mac said the interest rate fell to 6.89 percent, down from 6.95 percent for the week ending July 3. One year ago, the average rate was 6.96 percent.