Mortgage Rates Rise for Third Straight Week

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Mortgage rates inched up for the third straight week in the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed rate mortgage averaged 6.58% as of July 23, up from last week when it averaged 6.55%. A year ago at this time, it averaged 6.74%.

The 15-year fixed-rate mortgage averaged 5.96%, up from last week when it averaged 5.93%. A year ago at this time, it averaged 5.87%.

Sam Khater, Freddie Mac’s chief economist, opined, “As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate can make a meaningful difference, potentially saving them thousands over the loan’s lifetime.”