Mortgage Rates on the Rise Again

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Mortgage rates were up for the second consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.75% as of July 17, up from last week when it averaged 6.72%. A year ago at this time, it averaged 6.77%.

The 15-year fixed-rate mortgage averaged 5.92%, up from last week when it averaged 5.86%. A year ago at this time, it averaged 6.05%.

“The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7%. While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act,” said Sam Khater, Freddie Mac’s chief economist.