Fixed-Rate Mortgages Creep Higher in the Week Ending September 21st
Mortgage Rates Remain Flat, Lingering Above Seven Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending September 21st. The 30-year fixed-rate mortgage averaged 7.19%, up from last week when it averaged 7.18%. A year ago at this time, the 30-year rate averaged 6.29%.
The 15-year fixed-rate mortgage averaged 6.54%, up from last week when it averaged 6.51%. A year ago at this time, the 15-year rate averaged 5.44%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates continue to linger above 7% as the Federal Reserve paused their interest rate hikes. Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment has declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.”
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