The average rate on a 30-year fixed mortgage backed by Freddie Mac rose by 3 bps from the previous week to 6.75% as of July 17th, rebounding further from its lowest since April of 6.67% seen two weeks ago. “The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%. While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act,” said Sam Khater, Freddie Mac’s chief economist.