Fixed Mortgage Rates Climb Higher in the Week Ending July 6th
Mortgage Rates Continue to Climb
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 6th. The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.71%. A year ago at this time, the 30-year rate averaged 5.30%.
The 15-year fixed-rate mortgage averaged 6.24%, up from last week when it averaged 6.06%. A year ago at this time, the 15-year rate averaged 4.45%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far. This upward trend is being driven by a resilient economy, persistent inflation, and a more hawkish tone for the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”
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