US Mortgage Rates Climb for Third Consecutive Week
Mortgage Rates Continue to Increase
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, October 17th.
The 30-year fixed-rate mortgage averaged 6.44%, up from last week when it averaged 6.32%. A year ago at this time, the 30-year rate averaged 7.63%.
The 15-year fixed-rate mortgage averaged 5.63%, up from last week when it averaged 5.41%. A year ago at this time, the 15-year rate averaged 6.92%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%. In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”
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