HOMZ - Mortgage rates near 7% but housing costs remain high

2023-07-13 12:44:17 ET

• Long-term mortgage rates are nearing the 7% mark, but housing costs remain high, according to the Freddie Mac Primary Mortgage Survey.
• 30-year fixed-rate mortgages averaged 6.96% as of July 13, higher than 6.81% last week and 5.51% in the year-ago period.
• 15-year fixed-rate mortgages averaged 6.30%, up from last week when they averaged 6.24% and greater than 4.67% a year ago.
• "Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent," Freddie Mac's chief economist, Sam Khater, said.
• "Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand," Khater added.

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