Written by eldiariony.com on Published in Your Money.
Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), which shows that the 30-year fixed rate mortgage (FRM) continues its upward race, which averaged 7.57% for the week.
“For the fifth consecutive week, mortgage rates rose as geopolitical and market uncertainty continues to rise,” said Sam Khater, chief economist at Freddie Mac.
“The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains plagued by significant affordability constraints,” Khater added.
The result of all this, says Freddie Mac, is that purchasing demand remains at its lowest level in three decades.
This is how the rates were:
30 year mortgage
30-year fixed-rate mortgages averaged 7.57% as of October 12, 2023, up from last week when they averaged 7.49%. A year ago at this time, the 30-year FRM was averaging 6.92%.
15 year mortgage
15-year fixed-rate mortgages averaged 6.89%, up from last week when they averaged 6.78%. A year ago at this time, the 15-year MRF averaged 6.09%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20 percent down payment and have excellent credit.
2023-10-15 15:33:10
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