US Mortgage Rates Inch Higher in the Week Ending October 3rd
Mortgage Rates Tick Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, October 3rd.
The 30-year fixed-rate mortgage averaged 6.12%, up from last week when it averaged 6.08%. A year ago at this time, the 30-year rate averaged 7.49%.
The 15-year fixed-rate mortgage averaged 5.25%, up from last week when it averaged 5.16%. A year ago at this time, the 15-year rate averaged 6.78%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature. Zooming out to the bigger picture, mortgage rates have declined one and a half percentage points over the last 12 months, home price growth is slowing, inventory is increasing, and incomes continue to rise. As a result, the backdrop for homebuyers this fall is improving and should continue through the rest of the year.”
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