DHI - Long-term mortgage rates rise to their highest level in 2023

2023-07-06 12:11:01 ET

Long-term mortgage rates rose to their highest level in 2023, driven by a resilient economy, persistent inflation and a hawkish tone from the Federal Reserve, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.81% as of July 6, higher than last week when they averaged 6.71% and 5.30% a year ago.

15-year fixed-rate mortgages averaged 6.24%, up from last week when they averaged 6.06% and the year-ago 4.45%.

"Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far," Freddie Mac's chief economist, Sam Khater, said.

"This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve," Khater added.

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