30-Year Fixed Rate Averages Above 7 Per Cent

Freddie Mac today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.09 percent.

“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s Chief Economist. “The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”

• 30-year fixed-rate mortgage averaged 7.09 percent as of August 17, 2023, up from last week when it averaged 6.96 percent. A year ago at this time, the 30-year FRM averaged 5.13 percent.
• 15-year fixed-rate mortgage averaged 6.46 percent, up from last week when it averaged 6.34 percent. A year ago at this time, the 15-year FRM averaged 4.55 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 sites such as Mortgage News Daily.