Mortgage Rates Ratchet Higher

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The 30-year fixed-rate mortgage averaged 6.55% as of July 16, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). That marked an increase from last week when it averaged 6.49%. A year ago at this time, it averaged 6.75%.

The 15-year fixed-rate mortgage averaged 5.93%, up from last week when it averaged 5.82%. A year ago at this time, it averaged 5.92%.

Sam Khater, Freddie Mac’s chief economist, observed, “Purchase application demand has weakened recently, but housing affordability is more favorable and housing inventory continues to rise, thus the backdrop for prospective homebuyers is modestly improving.”