Mortgage Rates Jump 7/13/2023
“Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.”
News Facts
- The 30-year fixed-rate mortgage averaged 6.96 percent as of July 13, 2023, up from last week when it averaged 6.81 percent. A year ago at this time, the 30-year FRM averaged 5.51 percent.
- The 15-year fixed-rate mortgage averaged 6.30 percent, up from last week when it averaged 6.24 percent. A year ago at this time, the 15-year FRM averaged 4.67 percent.
