Fixed-Rate Mortgages Move Higher for Third Consecutive Week
Mortgage Rates Rise for the Third Consecutive Week
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending August 10th. The 30-year fixed-rate mortgage averaged 6.96%, up from last week when it averaged 6.90%. A year ago at this time, the 30-year rate averaged 5.22%.
The 15-year fixed-rate mortgage averaged 6.34%, up from last week when it averaged 6.25%. A year ago at this time, the 15-year rate averaged 4.59%.
Adding additional background and his analysis to the report, Sam Khater, Freddie Mac’s Chief Economist, said:
“For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent. There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”
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