Mortgage Rates Back Up

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Mortgage rates went back on the rise this week, with the average rate for a 30-year fixed-rate mortgage increasing to 6.95%, up from 6.86% last week and up from 6.81% a year ago, according to Freddie Mac’s Primary Mortgage Market Survey.

“Mortgage rates increased this week, coming in just under seven percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Both new home and pending home sales are down, causing active listings to rise. We are still expecting rates to moderately decrease in the second half of the year and given additional inventory, price growth should temper, boding well for interested homebuyers.”

The average rate for a 15-year fixed-rate mortgage was 6.25%, up from 6.16% last week and barely up from 6.24% a year ago.

Earlier today, the Mortgage Bankers Association reported that mortgage application volume decreased 2.6% during the week ended June 28, as the average rate for a 30-year, fixed-rate mortgage increased 10 basis points from the previous week.

Photo: Bikram Sharma

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