HOMZ - Mortgage rates rise slightly but new home sales not impacted

2023-06-29 12:18:41 ET

Mortgage rates rose slightly this week, but new home sales were not affected, according to the Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.71% as of June 29, higher than 6.67% last week and 5.70% in the year-ago period.

15-year fixed-rate mortgages averaged 6.06%, up from last week when it averaged 6.03% and from 4.83% a year ago.

"Mortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year," Freddie Mac's chief economist, Sam Khater, said.

"New home sales have rebounded more robustly than the resale market due to a marginally greater supply of new construction," Khater added.

Mortgage applications rose by 3% this week despite an increase in the rates.

Here is a look at the mortgage rates movement this month:

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