Mortgage Rates Stay Elevated: 30-Year Fixed Holds Above 7% for Fourth Week

For the fourth consecutive week, the 30-year fixed rate mortgage averaged over 7%, coming in this week at 7.12%

That's down from 7.18% last week.  

“The economy remains buoyant, which is encouraging for consumers," said Sam Khater, Freddie Mac’s chief economist. "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 30-year FRM witnessed a slight decline, averaging 7.12% compared to last week's 7.18%. A year ago, around this same time, the 30-year FRM was substantially lower at 5.89%.

The 15-year FRM also experienced a decrease, averaging 6.52%, a marginal dip from last week's 6.55%. In a similar period last year, this rate stood at 5.16%.