Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- According to the latest Primary Mortgage Market Survey® from Freddie Mac, released July 27, 2023, the 30-year fixed-rate mortgage (FRM) sits at 6.81% (rising slightly from 6.78% the week prior). The 15-year FRM currently stands at 6.11%.
- Mortgage applications decreased from the week prior, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA). This is the latest in an ongoing “see-saw” pattern of weekly increases or decreases.
- “Many borrowers remain on the sidelines given current rates and persistent affordability challenges,” said Joel Kan, MBA vice president and deputy chief economist.
- Lender Guaranteed Rate introduced the OneDown program, designed to assist low-income borrowers by offering low down payments.
- The Federal Reserve raised interest rates by 25 basis points on July 26, 2023. Whether this effort to reduce inflation will bring down mortgage rates remains to be seen.
