Mortgage rates have climbed closer to 7% again this week, as July’s sustained high rates week after week have made it 2023’s roughest month for home buyers.
The average 30-year fixed-rate mortgage rose to 6.81% for the week ending July 27, according to mortgage giant Freddie Mac’s latest survey of lenders. That’s approaching 2023’s highest rate of 6.96%, reached on July 13.
“Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing,” said Freddie Mac’s chief economist, Sam Khater, in a news release.
What Are the Current Mortgage Rates?
Freddie Mac reports that, as of July 27:
- The average rate for a 30-year fixed-rate mortgage was 6.81%, up from 6.78% the previous week. A year ago, the average rate stood at 5.3%.
- The average rate for a 15-year fixed-rate mortgage jumped to 6.11% from 6.06% the previous week. A year ago, the average rate was 4.58%.
Survey figures come from conventional mortgage applications sent to lenders across the U.S. and then submitted to Freddie Mac. The company buys mortgages and packages them as mortgage-backed securities.
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Source: www.forbes.com
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Sandstone Group
