The numbers: Mortgage rates are inching up amid upbeat reports on the U.S. economy and a downgrade of the nation’s credit.
The 30-year fixed-rate mortgage averaged 6.9% as of Aug. 3, according to data released by Freddie Mac 0IKZ on Thursday. Freddie Mac’s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.
In lowering the U.S. government’s credit rating one notch to AA+ from AAA, Fitch said the move reflects “expected fiscal deterioration,” a “high and growing” government debt burden and an “erosion of governance” in face of repeated debt-limit standoffs and other ills.
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