Averages are based on conforming mortgages with 20% down. Shop and compare your personalized rates from multiple lenders (Jul 31st, 2023) Weekly Rate TrendsĬopyright 2023 Freddie Mac.
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The interest rates reported below are from a weekly survey of 100+ lenders by Freddie Mac PMMS. These average rates are intended to give you a snapshot of overall market trends and may not reflect specific rates available for you.
Many borrowers remain on the sidelines given current rates and persistent affordability challenges.” Refinance applications remained lackluster, running 30 percent behind year-ago levels. The decrease in FHA purchase applications contributed to an increase in the overall average purchase loan size to $432,700, its highest level since the end of this May. “The 2.5 percent decline in purchase activity, partly driven by a 10 percent decrease in FHA applications, pushed the purchase index to its lowest level in over a month.
“Mortgage rates were essentially flat last week but remained high, with the 30-year fixed rate staying at 6.87 percent and contributing to a pullback in mortgage applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. The number of mortgage applications decreased 181% as reported by Mortgage Bankers Association. The average mortgage interest rates increased week over week - 30-year fixed rates went up (6.78% to 6.81%) as did 15-year fixed rates (6.06% to 6.11%).
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