Freddie Mac reported an increase in the 30-year fixed mortgage rate to 6.73% on Friday from 6.63% a week earlier, with chief economist Frank Nothaft expecting the benchmark to remain at or near this level for the remainder of the year.
The 15-year Nashville mortgage rate edged up to 6.39% from 6.3% over the same time span, and the five-year adjustable mortgage rate climbed to 6.35% from 6.29%. Meanwhile, interest on one-year ARMs held steady at 5.71%. Nothaft attributes the jump in borrowing costs to a positive June jobs report and a jump in consumer credit in May.
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