The numbers: Mortgage charges rose for the third week in a row, because the U.S. economic system confirmed indicators of power with low employment and powerful wage progress.
The 30-year fixed-rate mortgage averaged 6.96% as of Aug 10, in accordance with information launched by Freddie Mac
FMCC,
on Thursday.
It’s up 6 foundation factors from the earlier week — one foundation level is the same as one-hundredth of a share level.
Rates have been up from final week, when the 30-year was at 6.9%.
The common fee on the 15-year mortgage rose to six.34% from 6.25% final week. The 15-year was at 4.59% a yr in the past.
Freddie Mac’s weekly report on mortgage charges is predicated on 1000’s of purposes acquired from lenders throughout the nation which might be submitted to Freddie Mac when a borrower applies for a mortgage.
Separate information by Mortgage News Daily stated that the 30-year fixed-rate mortgage was averaging at 7.05% as of Thursday afternoon.
What Freddie Mac stated: “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again,” Sam Khater, chief economist at Freddie Mac, stated in an announcement.
What are they saying? “Mortgage rates trended higher last week to 7%, as financial markets responded to ongoing economic volatility and the downgrading of the U.S. government’s credit rating,” Bob Broeksmit, president and CEO of the Mortgage Bankers Association, stated in an announcement.
“Both prospective buyers and sellers are feeling the squeeze of higher rates as well as low housing inventory, which has prompted a pronounced slowdown in activity this summer,” he added.
Source web site: www.marketwatch.com
