Mortgage rates top 6% for the first time since 2008

mortgage rates increase
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MCLEAN, Va. — Freddie Mac today released the results of its Primary Mortgage Market Survey, showing that the 30-year fixed-rate mortgage (FRM) averaged 6.02%.

“Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008,” said Sam Khater, Freddie Mac’s chief economist. “Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large.”

  • 30-year fixed-rate mortgage averaged 6.02% with an average 0.8 point as of Sept. 15, 2022, up from last week when it averaged 5.89%. A year ago at this time, the 30-year FRM averaged 2.86%.
  • 15-year fixed-rate mortgage averaged 5.21% with an average 0.9 point, up from last week when it averaged 5.16%. A year ago at this time, the 15-year FRM averaged 2.12%.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.93% with an average 0.2 point, up from last week when it averaged 4.64%. A year ago at this time, the 5-year ARM averaged 2.51%.

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