Rates have risen sharply since January, hitting a 2022 high of 5.81% in mid-June. But since then, economic concerns have made rates more volatile. Rates dropped the first week in July, notching the
biggest one-week dip since 2008.
“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.”