Mortgage Rates Rise For third Straight Week
WRE News August 13, 2023
Buyer
WRE News August 13, 2023
Buyer
Mortgage rates continued their upward odyssey for the third week in a row, coming within a hair of the 7% mark.
According to the Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC), the 30-year fixed-rate mortgage averaged 6.96% as of Aug. 10, up from last week when it averaged 6.90%. A year ago at this time, it averaged 5.22%.
The 15-year fixed-rate mortgage averaged 6.34%, up from last week when it averaged 6.25%. A year ago at this time, it averaged 4.59%.
“For the third straight week, mortgage rates continued creeping up and are now just shy of 7%,” said Sam Khater, Freddie Mac’s chief economist. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”
Stay up to date on the latest real estate trends.
Seller
December 12, 2025
A lot of people are asking the same thing right now: “Is it even a good time to sell?” And the truth may come as a bit of a surprise...
Seller
December 11, 2025
Spring gets all the attention, but it’s not always the best time to sell a house.
Seller
December 9, 2025
If you’re like a lot of homeowners, you’ve probably thought: “I’d like to move… but I don’t want to give up my 3% rate.” That’s fair.
December 4, 2025
Buyer
December 2, 2025
Focus on homes that have been sitting on the market for a while.
Seller
November 28, 2025
When the holidays roll around, travel plans, family gatherings, and all the chaos of the season may make you think it’s better to pull your listing off the market or t… Read more
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today