For the week ending July 6, 30-year rates rose to 6.81% from 6.71% the week before.
Rates continued to rise as the jobs report approached. The increases continued after the survey was released on Thursday in reaction to a strong ADP private payroll report. For the week ending July 6, 30-year rates rose to 6.81% from 6.71% the week before. In addition, 15-year loans increased to 6.24%. A year ago, 30-year fixed rates averaged 5.30%, more than 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far. This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”
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 7, 2023
|
Daily Value
|
Monthly Value
|
|
July 6
|
June
|
|
6-month Treasury Security
|
5.54%
|
5.42%
|
|
1-year Treasury Security
|
5.44%
|
5.24%
|
|
3-year Treasury Security
|
4.68%
|
4.27%
|
|
5-year Treasury Security
|
4.37%
|
3.95%
|
|
10-year Treasury Security
|
4.05%
|
3.75%
|
|
12-month LIBOR
|
|
6.041%
|
|
12-month MTA
|
|
4.430%
|
|
SOFR (30-Day Average)
|
|
5.067%
|
|
Prime Rate
|
|
8.25% (5/23)
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