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The average weekly rate on a 30-year fixed-rate mortgage hit 7.4 percent, according to a Oct. 8 update from Freddie Mac.
For the week ending Oct. 7, the 30-year fixed-rate mortgage hit the roughly 35-month high point, which is up from 7.28 percent a week ago and 6.3 percent a year back. Meanwhile, the 15-year fixed-rate mortgage hit 6.73 percent, up from 5.53 percent a year ago.
Since September 2022, the 30-year rate has consistently stayed over 6 percent.
“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,” Sam Khater, Freddie Mac’s chief economist, said in an Oct. 8 statement….
For the week ending Oct. 7, the 30-year fixed-rate mortgage hit the roughly 35-month high point, which is up from 7.28 percent a week ago and 6.3 percent a year back. Meanwhile, the 15-year fixed-rate mortgage hit 6.73 percent, up from 5.53 percent a year ago.
Since September 2022, the 30-year rate has consistently stayed over 6 percent.
“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,” Sam Khater, Freddie Mac’s chief economist, said in an Oct. 8 statement….
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