HOMZ - Mortgage rates rise on upbeat economic data government credit rating downgrade

2023-08-03 12:13:44 ET

Long-term mortgage rates rose on the back of upbeat economic data and the U.S. government credit rating downgrade, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.90% as of Aug. 3, compared to 6.81% last week and 4.99% in the year-ago period.

15-year fixed-rate mortgages averaged 6.25%, higher than 6.11% a week ago and 4.26% a year ago.

"The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week," Freddie Mac's chief economist, Sam Khater, said.

"Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory," Khater added.

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