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Mortgage rates bounce back above 7%

MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing the 30-year fixed mortgage rates (FRM) averaged 7.08%.

“As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.”

  • 30-year fixed-rate mortgage averaged 7.08% with an average 0.9 point as of November 10, 2022, up from last week when it averaged 6.95%. A year ago at this time, the 30-year FRM averaged 2.98%.
  • 15-year fixed-rate mortgage averaged 6.38% with an average 1.0 point, up from last week when it averaged 6.29%. A year ago at this time, the 15-year FRM averaged 2.27%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.06% with an average 0.2 point, up from last week when it averaged 5.95%. A year ago at this time, the 5-year ARM averaged 2.53%.

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