For the week ending August 3, 30-year rates rose to 6.90% from 6.81% the week before.
Rates rose again last week as the strong economic news continued and there was a surprise in the form of a downgrade of the U.S. credit rating. The higher cost of funding the huge Federal debt is a major concern. For the week ending August 3, 30-year rates rose to 6.90% from 6.81% the week before. In addition, 15-year loans increased to 6.25%. A year ago, 30-year fixed rates averaged 4.99%, almost 2.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”
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 4, 2023
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Daily Value
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Monthly Value
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August 3
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July
|
|
6-month Treasury Security
|
5.52%
|
5.53%
|
|
1-year Treasury Security
|
5.37%
|
5.37%
|
|
3-year Treasury Security
|
4.58%
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4.47%
|
|
5-year Treasury Security
|
4.30%
|
4.14%
|
|
10-year Treasury Security
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4.20%
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3.90%
|
|
6-month LIBOR
|
|
5.861%
|
|
12-month MTA
|
|
4.626%
|
|
SOFR (30-Day Average)
|
|
5.124%
|
|
Prime Rate
|
|
8.50% (7/23)
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