30-Year Mortgage Resumes Upward Trek

Freddie Mac has released its Primary Mortgage Market Survey® for the week ending September 7th. The 30-year fixed-rate mortgage averaged 7.18%, up from last week when it averaged 7.12%. A year ago at this time, the 30-year rate averaged 6.02%.

The 15-year fixed-rate mortgage averaged 6.51%, down from last week when it averaged 6.52%. A year ago at this time, the 15-year rate averaged 5.21%.

Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:

“Mortgage rates inched back up this week and remain anchored north of 7%. The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best quote. Freddie Mac research suggests homebuyers can potentially save $600–$1,200 annually by applying for mortgages from multiple lenders.”