Mortgage rates remain over 7% as the U.S. economy continues to show signs of strength.
That’s down 6 basis points from the previous week. One basis point is equal to one hundredth of a percentage point.
A year ago, the 30-year rate was averaging 5.89%.
The average rate for a 15-year mortgage was 6.52%, down from 6.55% last week. The 15-year rate was at 5.16% a year ago.
Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging 7.33% as of Thursday afternoon.
What Freddie Mac said: “While inflation has decelerated, firmer economic data have put upward pressure on mortgage rates,” Sam Khater, chief economist at Freddie Mac, said in a statement.
What are mortgage bankers saying? “The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases and mortgage rates decline to more affordable levels,” Bob Broeksmit, president and CEO of the Mortgage Bankers Association, said in a statement.