Fixed Mortgage Rates Continued to Climb Higher in the Week Ending July 13th
Mortgage Rates Jump, Inching Toward Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 13th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 5.51%.
The 15-year fixed-rate mortgage averaged 6.30%, up from last week when it averaged 6.24%. A year ago at this time, the 15-year rate averaged 4.67%.
Adding additional background and his analysis to this week’s report, Freddie Mac’s Chief Economist Sam Khater said:
“Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent. Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”
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