For the week ending October 27, 30-year rates rose to 7.02% from 6.94% the week before.
Rates moved up in the past week but started to ease as the survey period ended. For the week ending October 27, 30-year rates rose to 7.02% from 6.94% the week before. In addition, 15-year loans increased to 6.36% and the average for five-year ARMs rose to 5.96%. A year ago, 30-year fixed rates averaged 3.14%, more than 3.75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market. As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
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 28, 2022
|
Daily Value
|
Monthly Value
|
|
October 27
|
September
|
|
6-month Treasury Security
|
4.44%
|
3.71%
|
|
1-year Treasury Security
|
4.50%
|
3.89%
|
|
3-year Treasury Security
|
4.29%
|
3.88%
|
|
5-year Treasury Security
|
4.09%
|
3.70%
|
|
10-year Treasury Security
|
3.96%
|
3.52%
|
|
12-month LIBOR
|
|
4.781% (Sept)
|
|
12-month MTA
|
|
1.689% (Sept)
|
|
SOFR
|
|
1.050% (Sept)
|
|
Prime Rate
|
|
6.25% (9/22)
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