US Mortgage Rates Rise for Seventh Consecutive Week
Original Source:
Mortgage Rates Average 7.40%
Mortgage Rates Average 7.40%
On Thursday, Freddie Mac released its Primary Mortgage Market Survey for the week ending October 8.
The 30-year fixed-rate mortgage averaged 7.40%, up from 7.28% the previous week. A year ago at this time, the 30-year rate averaged 6.30%.
The 15-year fixed-rate mortgage averaged 6.73%, up from 6.60% last week. A year ago at this time, the 15-year rate averaged 5.53%.
Commenting on this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“As market conditions continue to evolve, borrowers should remember that shopping around for a mortgage rate and getting multiple quotes can potentially save them thousands over the loan’s lifetime.”
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