The 30-year fixed-rate mortgage averaged 5.22% as of August 11, according to data released by Freddie Mac on Thursday — up 23 basis points from the previous week.
One basis point is equal to one hundredth of a percentage point, or 1% of 1%.
“Declines in purchase demand continue to diminish while supply remains fairly tight across most markets,” he added. “The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.” The price of a median single-family home that’s not new construction rose to $413,500, up 14.2% from the previous year.The monthly mortgage payment on a typical existing single-family home if a family pays with a 20% down payment has jumped by $444 to $1,841, with rates rising from the first quarter to the second quarter of this year. The monthly payment is up 50% from one year ago.
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