Freddie Mac: Mortgage Rates Inch Up

Freddie Mac released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.81 percent.

“Mortgage rates inched up slightly after a significant decline last week,” said Sam Khater, Freddie Mac’s Chief Economist. “Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”

News Facts

• 30-year fixed-rate mortgage averaged 6.81 percent as of July 27, 2023, up from last week when it averaged 6.78 percent. A year ago at this time, the 30-year FRM averaged 5.30 percent.
• 15-year fixed-rate mortgage averaged 6.11 percent, up from last week when it averaged 6.06 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

Contact:

Mollie Laniado – Media Contact – Mollie_Laniado@FreddieMac.com – (571) 382-1784

Source: Freddie Mac