Mortgage rates continued rising for the fifth straight week to a level not seen in over a year, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.69% as of Aug. 6, up from last week when it averaged 6.66%. A year ago at this time, it averaged 6.63%.
The 15-year fixed-rate mortgage averaged 6.01%, down from last week when it averaged 6.04%. A year ago at this time, it averaged 5.75%.
Bill Pulte, the chairman of Freddie Mac and director of the Federal Housing Finance Agency, offered no public comment on why mortgage rates have been in a five-week upward movement. Sam Khater, Freddie Mac’s chief economist, also avoided talking about rising rates by declaring, “While mortgage rates continue to influence affordability, the housing market is showing signs of adjustment, with listing prices modestly below year-ago levels and for-sale inventory improving from the limited supply seen in recent years.”
0 Comments