Mortgage Rates Continue To Surge

(RTTNews) - Mortgage rates, or interest rates on home loans, continue to surge and have reached the highest level since 2000, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage averaged 7.49 percent as of October 5, 2023, compared to last week when it averaged 7.31 percent. A year ago at this time, the 30-year FRM averaged 6.66 percent.

The 15-year fixed-rate mortgage averaged 6.78 percent, up from last week when it averaged 6.72 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.

"Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed," said Sam Khater, Freddie Mac's Chief Economist. "Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve's next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand."