Mortgage rates rise for the sixth consecutive week

mortgage rates increase
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MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS), showing that the 30-year fixed-rate mortgage (FRM) averaged 6.70%.

“The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “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.”

Khater continued, “The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders.”

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  • 30-year fixed-rate mortgage averaged 6.70% with an average 0.9 point as of September 29, 2022, up from last week when it averaged 6.29%. A year ago at this time, the 30-year FRM averaged 3.01%.
  • 15-year fixed-rate mortgage averaged 5.96% with an average 1.3 point, up from last week when it averaged 5.44%. A year ago at this time, the 15-year FRM averaged 2.28%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.30% with an average 0.4 point, up from last week when it averaged 4.97%. A year ago at this time, the 5-year ARM averaged 2.48%.

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