Fixed-Rate Mortgages Climb Higher in the Week Ending August 3rd

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending August 3rd. The 30-year fixed-rate mortgage averaged 6.90%, up from last week when it averaged 6.81%. A year ago at this time, the 30-year rate averaged 4.99%.

The 15-year fixed-rate mortgage averaged 6.25%, up from last week when it averaged 6.11%. A year ago at this time, the 15-year rate averaged 4.26%.

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

“The combination of upbeat economic data and the US government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”