Based on Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.96% as of mid-July 2023.

“Mortgage rates increased to their highest level since November 2022, the last time rates broke seven percent,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Meanwhile, US foreclosure starts increased by 15% in the first half of 2023, according to ATTOM’s Midyear 2023 U.S. Foreclosure Market Report, which found that there were a total of 185,580 US properties with foreclosure filings - default notices, scheduled auctions or bank repossessions - in the first six months of 2023.

That figure is up 13% from the same time period a year ago and up 185% from the same time period two years ago. Rob Barber, CEO at ATTOM, commented: “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”