For the week ending October 12, 30-year rates rose to 7.57% from 7.49% the week before.

Rates rose again last week, but eased back a bit in reaction to the crisis in Israel as the survey period came to a close. Slightly higher than expected inflation data released last week did not help, though the trend continued to moderate. For the week ending October 12, 30-year rates rose to 7.57% from 7.49% the week before. In addition, 15-year loans increased to 6.89%. A year ago, 30-year fixed rates averaged 6.92%, a bit over .50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase. The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”

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 13, 2023