Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year Fixed Rate Mortgage (FRM) rose slightly to an average of 6.71%.
“Mortgage rates have hovered in the 6-7% range for more than six months, and despite the affordability drawbacks, homebuyers have adjusted and pushed new home sales to their highest level ever. high in more than a year,” said Sam Khater, chief economist at Freddie Mac.
“New home sales have recovered stronger than the resale market due to a marginally higher supply of new construction. The improvement in demand has led to a firming of prices, which have now risen for several months in a row,” Khater added.
RealtyHop noted that as of June homeowners in 69 major cities must spend more than 30% of their annual income on homeownership, and that in the nation’s 25 most unaffordable housing markets, homeowners spend more than 40% of your income to homeownership.
So were the rates
30 year mortgage
The 30-year fixed-rate mortgage averaged 6.71% as of June 29, 2023, up from last week when it averaged 6.67%. A year ago at this time, the 30-year FRM averaged 5.70%.
15 year mortgage
The 15-year fixed-rate mortgage averaged 6.06%, up from last week when it averaged 6.03%. A year ago at this time, the 15-year FRM averaged 4.83%.
PMMS focuses on fully amortizing, conforming, conventional home purchase loans for borrowers with a 20% down payment and excellent credit.
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