For the week ending August 24, 30-year rates rose to 7.23% from 7.09% the week before.

Rates continued to rise last week, though they eased a bit as the survey period ended – hopefully the start of a new trend. For the week ending August 24, 30-year rates rose to 7.23% from 7.09% the week before. In addition, 15-year loans increased to 6.55%. A year ago, 30-year fixed rates averaged 5.55%, over 1.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and the supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

Current Indices for Adjustable Rates
Updated August 25, 2023