Mortgage Rates Top 7%, Highest Level In Over 20 Years
WRE News August 20, 2023
Buyer
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.
Buyer
March 25, 2025
Spring is in full swing, and the housing market is picking up along with it.
Buyer
March 25, 2025
Buying a home isn’t just a transaction – it’s a journey.
Lifestyle
March 24, 2025
Herman Johnson never imagined that something as simple as fruits and vegetables could change his life.
Lifestyle
March 24, 2025
Springtime is looming, and while the warmer weather is a welcome reprieve from the super cold weather, this means that it’s almost time to embark on spring cleaning.
Seller
March 23, 2025
Think of a breakfast nook as a bonus room for your kitchen.
Seller
March 23, 2025
Existing single-family home sales in California during February totaled 283,540 on a seasonally adjusted annualized rate, an 11.6% spike from the 254,110 transactions … 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