30-Year Fixed-Rate Mortgage Reaches Its Highest Level in Two Decades
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending August 17th. The 30-year fixed-rate mortgage averaged 7.09%, up from last week when it averaged 6.96%. This marks the fourth consecutive weekly increase. A year ago at this time, the 30-year rate averaged 5.13%.
The 15-year fixed-rate mortgage averaged 6.46%, up from last week when it averaged 6.34%. A year ago at this time, the 15-year rate averaged 4.55%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb. 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.”
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