The 30-Year Fixed-Rate Mortgage Reaches its Highest Level in Over Twenty Years

MCLEAN, Va., Aug. 17, 2023 - Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed-rate mortgage (FRM) averaged 7.09 percent.

“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s Chief Economist. “The last time the 30-year fixed-rate mortgage exceeded seven percent was last November. Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”

30-year fixed-rate mortgage averaged 7.09 percent as of August 17, 2023, up from last week when it averaged 6.96 percent. A year ago at this time, the 30-year FRM averaged 5.13 percent.

15-year fixed-rate mortgage averaged 6.46 percent, up from last week when it averaged 6.34 percent. A year ago at this time, the 15-year FRM averaged 4.55 percent.