Freddie Mac has released its Primary Mortgage Market Survey® for the week ending October 12th. The 30-year fixed-rate mortgage averaged 7.57%, up from last week when it averaged 7.49%. A year ago at this time, the 30-year rate averaged 6.92%.
The 15-year fixed-rate mortgage averaged 6.89%, up from last week when it averaged 6.78%. A year ago at this time, the 15-year rate averaged 6.09%.
Adding additional background and his analysis to the report, Freddie Mac Chief Economist Sam Khater said:
“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase. The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
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