Mortgage Rates Jump Up 8/11/2022

“For the third straight week, mortgage rates continued creeping up and are now just shy of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “There is no doubt continued high rates will prolong affordability challenges longer than expected, particularly with home prices on the rise again. However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”

News Facts

  • The 30-year fixed-rate mortgage averaged 6.96 percent as of August 10, 2023, up from last week when it averaged 6.90 percent. A year ago at this time, the 30-year FRM averaged 5.22 percent.
  • The 15-year fixed-rate mortgage averaged 6.34 percent, up from last week when it averaged 6.25 percent. A year ago at this time, the 15-year FRM averaged 4.59 percent.

Houses that are priced, presented & marketed correctly are selling fast.

Let my 32+ years of Real Estate experience in Las Vegas work for you. 702-378-7055

Source link


Mike McNamara

Mike McNamara

A Las Vegas Realtor since 2008. Mike has a wide range of knowledge around all things Las Vegas.

Willow Manor