For the week ending October 19, 30-year rates rose to 7.63% from 7.57% the week before.
Strong economic data sent rates higher yet again last week. For the week ending October 19, 30-year rates rose to 7.63% from 7.57% the week before. In addition, 15-year loans increased to 6.92%. A year ago, 30-year fixed rates averaged 6.94%, a bit over .50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates continued to approach eight percent this week, further impacting affordability. Not only are homebuyers feeling the impact of rising rates, but home builders are as well. Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence. As a result, construction could trend down in the short-term.” Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.
Current Indices for Adjustable Rates
Updated October 20, 2023
|
Daily Value
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Monthly Value
|
|
October 19
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September
|
|
6-month Treasury Security
|
5.56%
|
5.51%
|
|
1-year Treasury Security
|
5.44%
|
5.44%
|
|
3-year Treasury Security
|
5.01%
|
4.74%
|
|
5-year Treasury Security
|
4.95%
|
4.49%
|
|
10-year Treasury Security
|
4.98%
|
4.38%
|
|
6-month LIBOR
|
|
5.896%
|
|
12-month MTA
|
|
4.929%
|
|
SOFR (30-Day Average)
|
|
5.317%
|
|
Prime Rate
|
|
8.50% (7/23)
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