Mortgage Rates Rise for the Third Consecutive Week

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) reveals that the 30-year fixed-rate mortgage averaged 6.96 percent, just shy of seven percent. The upward pressure on rates is due to a resilient economy with low unemployment and strong wage growth. However, high rates may prolong affordability challenges with rising home prices.

MCLEAN, Va., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.96 percent.

“For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”

News Facts

• 30-year fixed-rate mortgage averaged 6.96 percent as of August 10, 2023, up from last week when it averaged 6.90 percent. A year ago at this time, the 30-year FRM averaged 5.22 percent.
• 15-year fixed-rate mortgage averaged 6.34 percent, up from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 4.59 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/15ab1e68-9976-4326-aec9-12ad9e9327f0

 

FAQ

What is the average rate for a 30-year fixed-rate mortgage according to Freddie Mac's PMMS®?

The average rate for a 30-year fixed-rate mortgage is 6.96 percent.

What factors contribute to the upward pressure on mortgage rates?

The upward pressure on rates is a result of a resilient economy with low unemployment and strong wage growth.

How may high mortgage rates impact affordability?

High rates may prolong affordability challenges, particularly with rising home prices.

What is the purpose of Freddie Mac?

Freddie Mac's mission is to make home possible for families across the nation by promoting liquidity, stability, affordability, and equity in the housing market throughout all economic cycles.

How long has Freddie Mac been helping families with their homes?

Freddie Mac has been helping families buy, rent, or keep their homes since 1970.