For the week ending October 13, 30-year rates rose to 6.92% from 6.66% the week before.

Rates moved up again in the past week, moving even further up after the survey period ended due to the hot inflation report. For the week ending October 13, 30-year rates rose to 6.92% from 6.66% the week before. In addition, 15-year loans increased to 6.09% and the average for five-year ARMs climbed to 5.81%. A year ago, 30-year fixed rates averaged 3.05%, more than 3.50% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “Rates resumed their record-setting climb this week, with the 30-year fixed-rate mortgage reaching its highest level since April of 2002. We continue to see a tale of two economies in the data: strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears and housing affordability are driving housing demand down precipitously. The next several months will undoubtedly be important for the economy and the housing market."

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 14, 2022