HOMZ - Mortgage rates near 7% on back of resilient economy

2023-08-10 12:12:25 ET

Mortgage rates neared the 7% mark, given a resilient economy with low unemployment and strong wage growth, according to the Freddie Mac Primary Mortgage Survey.

The rates rose for the third straight week.

30-year fixed-rate mortgages averaged 6.96% as of Aug. 10, up from 6.90% last week and 5.22% in the year-ago period.

15-year fixed-rate mortgages averaged 6.34%, compared to 6.25% last week and 4.59% a year ago.

"There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again," Freddie Mac's chief economist, Sam Khater, said.

"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," Khater added.

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