The average rate for a 30-year fixed-rate mortgage inched closer to 8% this week, rising to 7.79%, up from 7.63% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 7.08%.
“For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”
The average rate for a 15-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.92%.
A year ago at this time, the average rate for a 15-year was 6.36%.
Photo: Markus Spiske