Mortgage Rates Climb to Highest Level Since 2000
Mortgage Rates Continue to Surge
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending October 5th. The 30-year fixed-rate mortgage averaged 7.49%, up from last week when it averaged 7.31%. A year ago at this time, the 30-year rate averaged 6.66%.
The 15-year fixed-rate mortgage averaged 6.78%, up from last week when it averaged 6.72%. A year ago at this time, the 15-year rate averaged 5.90%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates maintained their upward trajectory as the 10-year Treasure yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market, and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.