Mortgage rates flirt with 7% after America’s credit rating was downgraded
The 30-year fixed-rate mortgage averaged 6.90% in the week ending on August 3, up from 6.81% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed rate was 4.99%, the lowest rates have been in the last 12 months.
“On Wednesday, the US Treasury announced it would sell off more than $100 billion of long-term securities, driving 10-year Treasury yields to the highest level since November,” said Jones. “This development, along with upcoming employment and inflation data, will determine how much mortgage rates may rise in the short term.”
“Still-high home prices and elevated mortgage rates have eaten into purchasing power for many buyers, leading to both fewer home sales and fewer listings,” said Jones. “Today’s housing market is grappling with low for-sale inventory amid sustained, though historically low, buyer demand.”
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