For the week ending September 29, 30-year rates rose to 6.70% from 6.29% the week before.

The Fed meeting did not halt the upward climb in rates, which intensified as the Bank of England addressed a currency crisis across the pond. For the week ending September 29, 30-year rates rose to 6.70% from 6.29% the week before. In addition, 15-year loans climbed to 5.96% and the average for five-year ARMs increased to 5.30%. A year ago, 30-year fixed rates averaged 3.01%, more than 3.50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range.”

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 September 30, 2022