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Mortgage rates hold steady above 7% ahead of Fed's next move: Freddie Mac

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The average 30-year fixed-rate mortgage decreased to 7.12% for the week ending September 7, according to Freddie Mac's latest Primary Mortgage Market Survey.

Home prices have continued to rise despite the affordability crisis thanks to a weak housing supply. After picking up some small momentum in May and June following 14 straight months of slowing, the annual growth rate spiked to 2.3% in July.

"Home prices continued to rise in July, hitting a new record high for the third month running," Black Knight Vice President of Enterprise Research Andy Walden said in a . "If price gains were to maintain their current pace – which is unlikely given how tight affordability has become – it would result in annual gains returning above 7.5% by the end of the year.

However, there are signs that home price appreciation could be slowing, according to Walden. For example, the average growth in pricing on a monthly basis in July was smaller than the increases seen during July over the past 25 years.

 

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