Mortgage rates continued their upward odyssey for the third week in a row, coming within a hair of the 7% mark.
According to the Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC), the 30-year fixed-rate mortgage averaged 6.96% as of Aug. 10, up from last week when it averaged 6.90%. A year ago at this time, it averaged 5.22%.
The 15-year fixed-rate mortgage averaged 6.34%, up from last week when it averaged 6.25%. A year ago at this time, it averaged 4.59%.
“For the third straight week, mortgage rates continued creeping up and are now just shy of 7%,” said Sam Khater, Freddie Mac’s chief economist. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”