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Long-term mortgage rates fell for the second consecutive week, but remained above the 7% mark, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 7.12% as of Sep. 7, down from last week when they averaged 7.18% and higher than 5.89% in the year-ago week.
15-year fixed-rate mortgages averaged 6.52%, down from last week when they averaged 6.55% and more than 5.16% a year ago.
“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above seven percent,” Freddie Mac’s chief economist, Sam Khater, said.
“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,” Khater added.
Here is a look at the recent mortgage rate movements:
