Mortgage Interest Rates Continue to Creep Up

Freddie Mac today released the results of its Primary Mortgage Market Survey^® (PMMS^®) for the week ending 07/06/2023.  The 30-year fixed-rate mortgage (FRM) averaged 6.81 percent.

“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s Chief Economist. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”

• 30-year fixed-rate mortgage averaged 6.81 percent as of July 6, 2023, up from last week when it averaged 6.71 percent. A year ago at this time, the 30-year FRM averaged 5.30 percent.
• 15-year fixed-rate mortgage averaged 6.24 percent, up from last week when it averaged 6.06 percent. A year ago at this time, the 15-year FRM averaged 4.45 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.

Check with your mortgage lender for more information on daily mortgage interest rate movements. You can also check online at sites such as Mortgage News Daily.