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Aug 11, 2023
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’
By
Angela Chen

Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the average for the 30-year fixed-rate mortgage was 4.99%. However, rates may not go much higher: Lawrence Yun, chief economist for the National Association of REALTORS®, says falling inflation in July may suggest mortgage rates are topping out.
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