Fixed-Rate Mortgages Continued to Climb Higher in the Week Ending August 24th

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending August 24th. The 30-year fixed-rate mortgage averaged 7.23%, up from last week when it averaged 7.09%. This marks the fifth consecutive weekly increase. A year ago at this time, the 30-year rate averaged 5.55%.

The 15-year fixed-rate mortgage averaged 6.55%, up from last week when it averaged 6.46%. A year ago at this time, the 15-year rate averaged 4.85%.

Commenting on the report, Freddie Mac Chief Economist Sam Khater said:

“This week, 30-year fixed-rate mortgage reached its highest level since 2001, and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and the supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.”