Start trading now on Poste Italiane

Mortgage rates rise for fifth week in a row amid market uncertainties

|

Freddie Mac’s 30-year fixed-rate mortgage (FRM) rate has risen for the fifth consecutive week, reaching 7.57% during the week ending Thursday, October 12, 2023, according to the company’s economist, Sam Khater. This represents an increase from last week’s rate of 7.49%.

This trend continues amidst ongoing geopolitical and market uncertainties. Despite robust economic and income growth, affordability issues persist within the housing market, pushing purchase demand to a three-decade low. A year ago, the average rate for a similar mortgage stood lower at 6.92%.

In addition to the 30-year FRM, the average for the 15-year FRM also increased to 6.89% as of Thursday last week, up from the previous week’s rate of 6.78%. This is also higher than last year’s rate of 6.09%.

Interestingly, despite these rising rates, there was a slight uptick in mortgage application volume by 0.6% during the week ending Sunday last week, as reported by the Mortgage Bankers Association.

Freddie Mac’s mission emphasizes liquidity, stability, affordability, and equity throughout all economic cycles. The company particularly focuses on borrowers capable of making a 20% down payment and maintaining excellent credit.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Previous Post
German economy expected to shrink slightly in Q3 – econ ministry
Next Post
Instant view: China’s soybean and copper imports fall on year, crude oil up

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Invest on crypto with Gianluca Vacchi project and start making money now
Win money trading on Amazon
INVEST NOW
keyboard_arrow_up