Mortgage Market Update, August 4th, 2023

The combination of upbeat economic data and the U.S. government credit rating downgrade caused mortgage rates to rise this week. Despite higher rates and lower purchase demand, home prices have increased due to very low unsold inventory.

(The weekly market rates shown may reflect a discount point, this information is for education purposes only. All content is subject to change without notice due to market fluctuations and volatility)

As always, if you have any questions about what is happening in the market or would like to discuss some specific financing scenarios, I would be happy to help in any way I can.

Update and numbers pulled from Mortgage News Daily & FreddieMac.com