Mortgage rates for the month of July surged to 6.84%, nearly a 21-year high according to data from Freddie Mac. Excluding October 2022 (6.90%) July’s reading is the highest average monthly 30 year fixed rate since April 2002. Additionally, they are still on the rise because Freddie Mac reported on August 3, 2023 that mortgage interest rates increased to 6.9%.
It should be no surprise that fewer people believe that now is a good time to buy a home because Fannie Mae’s survey for the month of July noted that only 18% of consumers believe it’s a good time to buy while 82% said it was a bad time to buy (a new survey high that dates back to the year of 2012).
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To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.1% for the current mortgage rates (at the time of filming this video for those with excellent credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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*** Jason Walter, CPA (lic 103885) Sacramento real estate agent and native Realty ONE Group Complete (DRE 01923240) [email protected]
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Disclaimer: Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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