US 30-year fixed-rate mortgage averaged 6.90% as of Aug. 3, up from 6.81% a week ago; 30-year FRM averaged 4.99% a year ago: Freddie Mac

MCLEAN, Virginia , August 3, 2023 (press release) –

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.90 percent.

“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.”

News Facts

• 30-year fixed-rate mortgage averaged 6.90 percent as of August 3, 2023, up from last week when it averaged 6.81 percent. A year ago at this time, the 30-year FRM averaged 4.99 percent.
• 15-year fixed-rate mortgage averaged 6.25 percent, up from last week when it averaged 6.11 percent. A year ago at this time, the 15-year FRM averaged 4.26 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | Twitter | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ec02b5a-8c9e-4171-b74a-fd9c3db33e46

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.