The 30-year fixed-rate mortgage inched closer to the 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB:FMCC).
According to the government-sponsored enterprise, the 30-year fixed-rate mortgage averaged 6.90% as of Aug. 3, up from last week when it averaged 6.81%. A year ago at this time, it averaged 4.99%.
The 15-year fixed-rate mortgage averaged 6.25%, up from last week when it averaged 6.11%. A year ago at this time, it averaged 4.26%.
“The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s chief economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”
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