July 13, 2023
Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent. Incoming data suggest that inflation is softening, falling to its lowest annual rate in more than two years. However, increases in housing costs, which account for a large share of inflation, remain stubbornly high, mainly due to low inventory relative to demand.
Do you have other real estate questions? Please contact me at your earliest convenience. I’d be glad to assist you or someone you know!
Sal Soriano, REALTOR
972.281.7500
NOTE: Freddie Mac made a number of enhancements to the Primary Mortgage Market Survey® to improve the collection, quality and diversity of data used. Instead of surveying lenders, the weekly results are now based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage. Additionally, the PMMS® will no longer publish fees/points or adjustable rates. The newly recast PMMS® was put in place on November 17, 2022, and the weekly distribution is Thursdays at 12 p.m. ET.
