The average rate for a 30-year fixed-rate mortgage increased to 7.57% during the week ended October 12, up from 7.49% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”
A year ago at this time, the average rate for a 30-year was 6.92%.
The average rate for a 15-year fixed-rate mortgage was 6.89%, up from 6.78% last week.
A year ago at this time, the average rate for a 15-year was 6.09%.
Yesterday the Mortgage Bankers Association reported that mortgage application volume increased 0.6% during the week ended Oct. 6, despite the recent increase in rates.
Photo: Max Harlynking