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.
"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