For the week ending August 10, 30-year rates rose to 6.96% from 6.90% the week before.

Rates rose again last week as the economy continues to expand. For the week ending August 10, 30-year rates rose to 6.96% from 6.90% the week before. In addition, 15-year loans increased to 6.34%. A year ago, 30-year fixed rates averaged 5.22%, more than 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent. 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.” 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 August 11, 2023