HOMZ - Mortgage rates increase continuing to dampen activity in rate-sensitive sectors

2023-07-27 12:13:58 ET

Mortgage rates increased, continuing to dampen activity in rate-sensitive sectors, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.81% as of July 27, up from 6.78% last week and 5.30% in the year-ago week.

15-year fixed-rate mortgages averaged 6.11%, up from 6.06% last week and 4.58% a year ago.

"Higher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing," Freddie Mac's chief economist, Sam Khater, said.

"However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023. Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market," Khater added.

Here is a look at the survey results:

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