The average rate for a 30-year fixed-rate mortgage decreased to 7.12% during the week ended September 7, down from 7.18% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year fixed-rate mortgage was 5.89%.
“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.”
The average rate for a 15-year fixed-rate mortgage was 6.52%, down from 6.55% the previous week.
A year ago at this time, the average rate for a 15-year was 5.16%.
Photo: Alison Pang