Mortgage rates continued to rise and nearly hit the dreaded 7% mark, according to Freddie Mac’s (OTCQB:FMCC) latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 6.96% as of July 13, up from last week when it averaged 6.81%. A year ago at this time, it averaged 5.51%.
The 15-year fixed-rate mortgage averaged 6.30%, up from last week when it averaged 6.24%. A year ago at this time, it averaged 4.67%.
“Mortgage rates increased to their highest level since November 2022, the last time rates broke 7%,” said Sam Khater, Freddie Mac’s chief economist. “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”
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