For the week ending July 13, 30-year rates rose to 6.96% from 6.81% the week before.

Freddie Mac’s weekly survey showed rates rising again last week; however, they eased significantly after the inflation reports were released, which was not captured in the survey data. For the week ending July 13, 30-year rates rose to 6.96% from 6.81% the week before. In addition, 15-year loans increased to 6.3%. A year ago, 30-year fixed rates averaged 6.51%, approximately 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent. Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated July 14, 2023