6.9%: Mortgage Rates Head Up Again

  • August 3rd 2023

by UrbanTurf Staff

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Mortgage rate chart_08-03-23.png

Long-term mortgage rates edged up for the second week in a row.

Freddie Mac reported 6.9% as the average on a 30-year mortgage on Thursday, up 9 basis points compared to last week. 

“The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/69_mortgage_rates_head_up_again/21334.

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