For the week ending October 26, 30-year rates rose to 7.79% from 7.63% the week before.
The strong economic news kept pressure on rates this past week. The first measure of economic growth for the third quarter came in at a strong 4.9%, affirming the economy’s strength. For the week ending October 26, 30-year rates rose to 7.79% from 7.63% the week before. In addition, 15-year loans increased to 7.03%. A year ago, 30-year fixed rates averaged 7.08%, almost .75% lower than today. Attributed to Sam Khater, Chief Economist, Freddie Mac, “For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022. Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”
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 27, 2023
|
Daily Value
|
Monthly Value
|
|
October 26
|
September
|
|
6-month Treasury Security
|
5.55%
|
5.51%
|
|
1-year Treasury Security
|
5.39%
|
5.44%
|
|
3-year Treasury Security
|
4.89%
|
4.74%
|
|
5-year Treasury Security
|
4.79%
|
4.49%
|
|
10-year Treasury Security
|
4.86%
|
4.38%
|
|
6-month LIBOR
|
|
5.896%
|
|
12-month MTA
|
|
4.929%
|
|
SOFR (30-Day Average)
|
|
5.317%
|
|
Prime Rate
|
|
8.50% (7/23)
|