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Mortgage Rates Rise For third Straight Week

WRE News August 13, 2023

Buyer

Mortgage Rates Rise For third Straight Week

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.”

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Mortgage Rates Rise For third Straight Week

Recent Blog Posts

Rancho Neighborhood of Los Altos

New Ideas For U.S. Travelers, Thanks To Canada’s Musicians

Your Phone Is A Breeding Ground For Fecal Bacteria. This Is How To Keep It Clean And Prevent Getting Sick

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Study: Homeowners Spend Roughly $24,000 Per Year on Non-Mortgage Housing Expenses

Home Equity Level Held Steady in Q4

We are Your GPS to Success Let’s Get Started

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