Washington, DCCNN — US mortgage rates ticked down this week, ending a five-week stretch of increases, but remained above 7% amid lingering inflation.
The 30-year fixed-rate mortgage averaged 7.18% in the week ending August 31, down from 7.23% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.66%.
“Recent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,” said Sam Khater, Freddie Mac’s chief economist.
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