For the week ending September 28, 30-year rates rose to 7.31% from 7.19% the week before.

Rates continued to rise last week as the threat of a government shutdown roiled the markets and members of the Fed continued to spew hawkish statements. The increases continued despite economic reports showing the economy cooling a bit. For the week ending September 28, 30-year rates rose to 7.31% from 7.19% the week before. In addition, 15-year loans increased to 6.72%. A year ago, 30-year fixed rates averaged 6.70%, just over 0.5% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The 30-year fixed-rate mortgage has hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”

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 29, 2023