(Finance) – The 30-year fixed rate loan was on average of 7.23% as of August 24, 2023 in the United States, up from 7.09% last week and 5.55% a year ago. The 15 year fixed rate mortgage was on average of 6.55%, up from 6.46% last week and 4.85% a year ago. This was communicated by Freddie Mac, a private company with government support which specializes in the issue of mortgage loans and their resale on the secondary market.
“This week, 30-year fixed-rate mortgages hit the highest level since 2001 and indications of continued economic strength are likely to continue to keep upward pressure on rates in the near-term,” said Sam Khater, chief economist at Freddie Mac.
“While rates remain high and the supply of unsold homes is woefully low, the latest data shows that Existing home sales continue to decline – added the expert – However, there are slightly more new homes available, and sales of these new homes continue to increase, helping to provide a modest relief to the difficult situation of the real estate inventory”.