U.S. Mortgage Rates Rise Again in Late July

Based on Freddie Mac's latest Primary Mortgage Market Survey, the U.S. 30-year fixed-rate mortgage (FRM) averaged 6.81 percent as of July 27, 2023.

Sam Khater

"Mortgage rates inched up slightly after a significant decline last week," said Sam Khater, Freddie Mac's Chief Economist. "Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing. However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board's Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market."

Freddie Mac News Facts

• 30-year fixed-rate mortgage averaged 6.81 percent as of July 27, 2023, up from last week when it averaged 6.78 percent. A year ago at this time, the 30-year FRM averaged 5.30 percent.
• 15-year fixed-rate mortgage averaged 6.11 percent, up from last week when it averaged 6.06 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent.

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