Mortgage rates remain at elevated levels, rising to an average of 7.57% as of Oct. 12, according to the latest Primary Mortgage Market Survey from Freddie Mac. According to Freddie Mac, the 30-year fixed-rate mortgage (FRM) has increased for five consecutive weeks and for 10 of the past 12 weeks dating back to the end of July.
“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” says Sam Khater, Freddie Mac’s chief economist. “The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
The 7.57% average for the 30-year fixed-rate mortgage is up 80 basis points from the previous week and up 650 basis points from a year ago, when it averaged 6.92%. The 15-year fixed-rate mortgage averaged 6.89%, up from 6.09% a year ago.Read More