Freddie Mac's results of its Primary Mortgage Market Survey® shows that "This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term. As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament."
• 30-year fixed-rate mortgage (FRM) averaged 7.23 percent for the week ending August 24, 2023, up from last month when it averaged 6.78 percent. A year ago, at this time, the 30-year FRM averaged 5.55 percent.
• 15-year FRM this week averaged 6.55 percent, up from last month when it averaged 6.06 percent. A year ago, at this time, the 15-year FRM averaged 4.85 percent.