Mortgage rates were on the upswing again, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.81% as of July 6, up from last week when it averaged 6.71%. A year ago at this time, it averaged 5.30%.
The 15-year fixed-rate mortgage averaged 6.24%, up from last week when it averaged 6.06%. A year ago at this time, it averaged 4.45%.
“Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s chief economist. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”
You all can blame the Biden administration for this.
With wrong policies of printing trillions of $ and keeping the interest rates at zero basis both Biden and Fed Chair are the culprit of such a disastrous economic situations! Stupidity continues.