Mortgage Rates Rise Slightly

(RTTNews) - Mortgage rates, or interest rates on home loans, moved up slightly after dropping for three consecutive weeks, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 6.71 percent as of June 29, 2023, up from last week when it averaged 6.67 percent. A year ago at this time, the 30-year FRM averaged 5.70 percent.

The 15-year fixed-rate mortgage averaged 6.06 percent, up from last week when it averaged 6.03 percent. A year ago at this time, the 15-year FRM averaged 4.83 percent.

"Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year," said Sam Khater, Freddie Mac's Chief Economist. "New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction. The improved demand has led to a firming of prices, which have now increased for several months in a row."