Mortgage rates increased for a fourth straight week, as the average rate for a 30-year fixed-rate mortgage rose to 6.54%, up from 6.44% 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 7.79%.
“The continued strength in the economy drove mortgage rates higher once again this week,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy.”
The average rate for a 15-year fixed-rate mortgage was 5.71%, up from 5.63% last week bit down from 7.03% a year ago.
Yesterday, the Mortgage Bankers Association announced that mortgage application volume fell 6.7% during the week ended October 18, due to higher rates.
Photo: David Kristianto