Mortgage Rates Continue Upward Climb in the U.S.

Rates increase for third consecutive week

Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.96 percent as of August 10, 2023.

Sam Khater

"For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent," said Sam Khater, Freddie Mac's Chief Economist. "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."

Freddie Mac News Facts

• The 30-year fixed-rate mortgage averaged 6.96 percent as of August 10, 2023, up from last week when it averaged 6.90 percent. A year ago at this time, the 30-year FRM averaged 5.22 percent.
• The 15-year fixed-rate mortgage averaged 6.34 percent, up from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 4.59 percent.

---

Related News Stories

Dubai, Palm Beach and Miami Lead World's Super Luxury Home Sales

Florida, Texas Condo Supply is Piling Up as Sales Slow

U.S. Office Landlords Tenant Concessions Decline for First Time in 4 Years

Affordability and U.S. Election Stalling U.S. Consumers Home Buying Decisions

World Property Markets, World Property Media to Commence Large Funding Rounds

Seattle, Orlando and New York Top Labor Day Destinations in 2024