Fixed-Rate Mortgages Climbed Higher in the Week Ending September 28th
Mortgage Rates Reach Highest Level in Almost 23 Years
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending September 28th. The 30-year fixed-rate mortgage averaged 7.31%, up from last week when it averaged 7.19%. A year ago at this time, the 30-year rate averaged 6.70%.
The 15-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.54%. A year ago at this time, the 15-year rate averaged 5.96%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”
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