U.S. mortgage rates decrease from last week while remaining above 7%

Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 7.12%.

“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above 7%,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy remains buoyant, which is encouraging for consumers. Though while inflation has decelerated, firmer economic data have put upward pressure on mortgage rates which, in the face of affordability challenges, are straining potential homebuyers.”

30-year fixed-rate mortgage averaged 7.12% as of September 7, 2023, down from last week when it averaged 7.18%. A year ago at this time, the 30-year FRM averaged 5.89%.

15-year fixed-rate mortgage averaged 6.52%, down from last week when it averaged 6.55%. A year ago at this time, the 15-year FRM averaged 5.16%.

The PMMS is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit.