Fixed-Rate Mortgages Resume Upward Trek in the Week Ending July 27th
Mortgage Rates Inch Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending July 27th. The 30-year fixed-rate mortgage averaged 6.81%, up from last week when it averaged 6.78%. A year ago at this time, the 30-year rate averaged 5.30%.
The 15-year fixed-rate mortgage averaged 6.11%, up from last week when it averaged 6.06%. A year ago at this time, the 15-year rate averaged 4.58%.
Adding additional background and his analysis to this week’s report, Sam Khater, Freddie Mac’s Chief Economist, said:
“Mortgage rates inched up slightly after a significant decline last week. Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall US consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
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