Mortgage rates rose for the fourth straight week to reach their highest level in a year, according to the Primary Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.66% as of July 30, up from last week when it averaged 6.58%. A year ago at this time, it averaged 6.72%.
The 15-year fixed-rate mortgage averaged 6.04%, up from last week when it averaged 5.96%. A year ago at this time, it averaged 5.85%.
Bill Pulte, the Freddie Mac chairman who is also director of the Federal Housing Finance Agency, made no public comment on this development. Sam Khater, Freddie Mac’s chief economist, chose to emphasize the positive by declaring, “The housing market continues to benefit from more available inventory, providing prospective homebuyers with additional options and helping support buyer activity as mortgage rates fluctuate.”
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