Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Rates Top 7%, Highest Level In Over 20 Years

WRE News August 20, 2023


Mortgage Rates Top 7%, Highest Level In Over 20 Years

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.”

We are Your GPS to Success Let’s Get Started

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

Follow Us On Instagram