For the week ending August 17, 30-year rates rose to 7.09% from 6.96% the week before.
Rates continued to rise last week in the face of a stronger than expected economy. For the week ending August 17, 30-year rates rose to 7.09% from 6.96% the week before. In addition, 15-year loans increased to 6.46%. A year ago, 30-year fixed rates averaged 5.13%, almost 2.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb. The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
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 18, 2023
|
Daily Value
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Monthly Value
|
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August 17
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July
|
|
6-month Treasury Security
|
5.53%
|
5.53%
|
|
1-year Treasury Security
|
5.36%
|
5.37%
|
|
3-year Treasury Security
|
4.67%
|
4.47%
|
|
5-year Treasury Security
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4.42%
|
4.14%
|
|
10-year Treasury Security
|
4.30%
|
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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