30-Year Fixed-Rate Mortgage Remains Above 7% For the Fourth Consecutive Week

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending September 7th. The 30-year fixed-rate mortgage averaged 7.12%, down from last week when it averaged 7.18%. A year ago at this time, the 30-year rate averaged 5.89%.

The 15-year fixed-rate mortgage averaged 6.52%, down from last week when it averaged 6.55%. A year ago at this time, the 15-year rate averaged 5.16%.

Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:

“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent. The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.”