Mortgage Rates Moved Up for a Second Week

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Mortgage rates moved up for a second week, with the average rate for a 30-year hitting 6.75%, up from 6.72% last week and down just slightly from the same week a year ago when it was 6.77%, according to Freddie Mac’s Primary Mortgage Market Survey.

“The 30-year fixed-rate mortgage inched up this week and continues to stay within a narrow range under 7 percent,” says Sam Khater, chief economist for Freddie Mac. “While overall affordability headwinds persist, rate stability coupled with moderately rising inventory may sway prospective buyers to act.”

As of July 17, the average rate for a 15-year fixed-rate mortgage was 5.92%, up from 5.86% last week but down from 6.05% a year ago.

Yesterday, the Mortgage Bankers Association (MBA) reported that mortgage application volume fell 10.0% on an adjusted basis during the week ended July 11, as rates went back on the rise.

In addition, the MBA’s Builder Application Survey (BAS) shows that applications for mortgages for new home purchases decreased 4% in June compared with May.

Photo: Declan Sun

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