WRE News August 20, 2023
Buyer
The 30-year fixed-rate mortgage averaged 7.09% as of Aug. 17, according to new data from Freddie Mac’s (OTCQB: FMC) Primary Mortgage Market Survey. Last week, this mortgage averaged 6.96%, while one year ago it averaged 5.13%. The current level is the highest in more than 20 years.
The 15-year fixed-rate mortgage averaged 6.46%, up from last week when it averaged 6.34%. A year ago at this time, it was 4.55%.
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist. “The last time the 30-year fixed-rate mortgage exceeded 7% was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
Stay up to date on the latest real estate trends.
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