Mortgage rates ascended anew in Freddie Mac’s (OTCQB: FMCC) latest Primary Mortgage Market Survey.
The 30-year fixed-rate mortgage averaged 6.81% as of July 27, up from last week when it averaged 6.78%. A year ago at this time, it averaged 5.30%.
The 15-year fixed-rate mortgage averaged 6.11%, up from last week when it averaged 6.06%. A year ago at this time, it averaged 4.58%.
“Mortgage rates inched up slightly after a significant decline last week,” said Sam Khater, Freddie Mac’s chief economist. “Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
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