U.S. 30-Year Mortgage Rate Rises to 6.55%

Macro
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The average rate on a 30-year fixed-rate mortgage in the U.S. climbed to 6.55% for the week ended July 16, according to Freddie Mac. That is up from 6.49% the prior week but below the 6.75% recorded a year earlier. The 15-year fixed-rate mortgage also increased, reaching 5.93% compared with 5.82% last week and 5.92% a year ago. Freddie Mac’s Chief Economist Sam Khater noted that purchase application demand has weakened recently, but housing affordability is more favorable and inventory continues to rise, modestly improving the backdrop for prospective homebuyers.

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