Mortgage Rates Move Higher for Seventh Consecutive Week
Mortgage Rates Continue to Climb Toward Eight Percent
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending October 26th. The 30-year fixed-rate mortgage averaged 7.79%, up from last week when it averaged 7.63%. A year ago at this time, the 30-year rate averaged 7.08%.
The 15-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.92%. A year ago at this time, the 15-year rate averaged 6.36%.
Providing additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“For the seventh week in a row, mortgage rates continued to climb toward 8%, resulting in the longest consecutive rise since the Spring of 2022. Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”
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