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Mortgage Rates Rise to 8-Month High

  • July 13th 2023

by UrbanTurf Staff

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Morgage Rate Chart 07-13-23.png

Despite dropping inflation, mortgage rates are still heading northward. 

Freddie Mac reported 6.96% as the average on a 30-year mortgage on Thursday, up 15 basis points compared to last week. Long-term rates are now at the highest level in 8 months. 

“Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”

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/mortgage_rates_rise_to_8-month_high/21248.

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