Freddie Mac: 30-Year Mortgage Rate Averages 7.28%, Highest Since November 2023
MCLEAN, Va., Oct. 1 — The 30-year fixed-rate mortgage averaged 7.28% as of Oct. 1, according to Freddie Mac's Primary Mortgage Market Survey released Oct. 1, up from 7.03% the previous week and 6.34% a year ago. The 15-year fixed-rate mortgage averaged 6.60%, up from 6.42% last week and 5.55% a year ago. The one-week jump was among the largest in recent years.
'With mortgage rates on their current trajectory, the housing market continues to be supported by favorable economic conditions,' said Sam Khater, Freddie Mac's chief economist. The survey covers conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit, so individual quotes vary with credit score, down payment and points.
Realtor.com's subsequent summary noted that the Mortgage Bankers Association's average contract rate on 30-year conforming loans ran higher in its own survey, and that the 10-year Treasury yield had jumped amid rising oil prices and inflation fears — the proximate driver of the mortgage move. With rates back above 7%, refinance demand cooled noticeably and buyer hesitation deepened.
Source: Freddie Mac PMMS release, Oct. 1, via GlobeNewswire; Realtor.com summary of MBA data.
Photo: An American suburb — futureatlas.com / CC BY 2.0 (via Openverse)
Published by GSM · USA (original Chinese edition)
Photo: An American suburb — futureatlas.com / CC BY 2.0 (via Openverse)
