For the week ending September 15, 30-year rates rose to 6.02% from 5.89% the week before.

Mortgage rates continued to rise in the past week in reaction to recent reports on inflation – and continued rising after the survey was completed. For the week ending September 15, 30-year rates rose to 6.02% from 5.89% the week before. In addition, 15-year loans climbed to 5.21% and the average for five-year ARMs increased to 4.93%. A year ago, 30-year fixed rates averaged 2.86%, more than 3.00% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008. 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.” 

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 September 16, 2022