More from FRE on Mortgage Rates This Week

"Lower mortgage rates are helping to support the housing market," said Frank Nothaft, Freddie Mac VP and chief economist. "The 30-year fixed-rate mortgage rate peaked this year over the week of June 11 and are now around a quarter of a percentage point lower this week. This has led to a 7.2 percent increase in conventional mortgage applications for home purchases by the last full week of June, according to the Mortgage Bankers Association."