{"id":41259,"date":"2023-07-27T15:07:10","date_gmt":"2023-07-27T19:07:10","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/mortgage-rates-rise-as-consumers-remain-confident-about-the-u-s-economy\/"},"modified":"2023-07-27T15:07:12","modified_gmt":"2023-07-27T19:07:12","slug":"mortgage-rates-rise-as-consumers-remain-confident-about-the-u-s-economy","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41259","title":{"rendered":"Mortgage rates rise as consumers remain confident about the U.S. economy"},"content":{"rendered":"
\n

The numbers:<\/strong> Mortgage rates inched up this week as the U.S. consumer remains confident about the economy.<\/p>\n

The 30-year fixed-rate mortgage averaged 6.81% as of July 27, according to data released by Freddie Mac on Thursday.\u00a0<\/p>\n

It\u2019s down 3 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n

\n

Rates are up from last week, when the 30-year was at 6.78%.<\/p>\n

The average rate on the 15-year mortgage rose to 6.11% from 6.06% last week. The 15-year was at 4.58% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.95% as of Thursday afternoon.<\/p>\n

What Freddie Mac said: <\/strong>\u201cHigher interest rates continue to dampen activity in interest rate-sensitive sectors, such as housing,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.\u00a0<\/p>\n

\u201cHowever, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board\u2019s Consumer Confidence Index for July 2023,\u201d he added. \u201cRising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.\u201d<\/p>\n

What are they saying?<\/strong> \u201cApplications to buy a home decreased slightly last week as many prospective buyers remain on the sidelines because of ongoing affordability challenges and high mortgage rates,\u201d Bob Broeksmit, president and CEO of the Mortgage Bankers Association.<\/p>\n

The MBA said it expects rates to fall around 6% by the end of the year, but be volatile in the coming months.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Mortgage rates inched up this week as the U.S. consumer remains confident about the economy. The 30-year fixed-rate mortgage averaged 6.81% as of July 27, according to data released by Freddie Mac on Thursday.\u00a0 It\u2019s down 3 basis points from the previous week \u2014 one basis point is equal to one hundredth of […]<\/p>\n","protected":false},"author":1,"featured_media":38187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-41259","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nMortgage rates rise as consumers remain confident about the U.S. economy | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: Mortgage rates inched up this week as the U.S. consumer remains confident about the economy. 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