For the week ending October 5, 30-year rates rose to 7.49% from 7.31% the week before.
Rates continued to rise last week as the markets kept reacting to strong statements from members of the Fed. Even the temporary resolution of government funding did not assuage the markets. For the week ending October 5, 30-year rates rose to 7.49% from 7.31% the week before. In addition, 15-year loans increased to 6.78%. A year ago, 30-year fixed rates averaged 6.86%, almost 1.0% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. 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.” 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 6, 2023
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Daily Value
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Monthly Value
|
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October 5
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September
|
|
6-month Treasury Security
|
5.56%
|
5.51%
|
|
1-year Treasury Security
|
5.39%
|
5.44%
|
|
3-year Treasury Security
|
4.82%
|
4.74%
|
|
5-year Treasury Security
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4.68%
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4.49%
|
|
10-year Treasury Security
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4.72%
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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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