The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 27, up from 6.78% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.30%. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
“The most recent inflation and employment data showed slowing price growth and more moderate hiring, but still-robust consumer spending kept inflation elevated above the 2% target,” said Hannah Jones, economic data analyst at Realtor.com. “The committee’s statement asserts their continued commitment to bringing down inflation while acknowledging that the full impact of the rate hikes and credit tightening has not yet been realized,” said Jones.