Freddie Mac recently released the results of its Primary Mortgage Market Survey (PMMS). It showed the 30-year fixed-rate mortgage (FRM) averaged 7.49 percent.
“Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed,” Freddie Mac Chief Economist Sam Khater said in a release. “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,” Khater added.
Some highlights from the PMMS include:
- The 30-year fixed-rate mortgage averaged 7.49 percent as of Oct. 5, up from the week of Oct. 2-6 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 the week of Oct. 2-6 when it averaged 6.72 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.