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.
It’s down 3 basis points from the previous week — one basis point is equal to one hundredth of a percentage point.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. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.95% as of Thursday afternoon.
“However, overall U.S. consumer confidence is unwavering, surging to a two-year high in the Conference Board’s Consumer Confidence Index for July 2023,” he added. “Rising consumer confidence often leads to greater spending, which could drive more consumers into the housing market.”
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