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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®) for the week ending 10/13, showing the 30-year fixed-rate mortgage (FRM) averaged 6.92 percent.
“Rates resumed their record-setting climb this week, with the 30-year fixed-rate mortgage reaching its highest level since April of 2002,” said Sam Khater, Freddie Mac’s Chief Economist. “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.”
- 30-year fixed-rate mortgage averaged 6.92 percent with an average 0.8 point as of October 13, 2022, up from last week when it averaged 6.66 percent. A year ago at this time, the 30-year FRM averaged 3.05 percent.
- 15-year fixed-rate mortgage averaged 6.09 percent with an average 1.1 point, up from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 2.30 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.81 percent with an average 0.2 point, up from last week when it averaged 5.36 percent. A year ago at this time, the 5-year ARM averaged 2.55 percent.
For more information on daily interest rate movements, check with your mortgage lender. You may also find daily mortgage interest rate information on online sites such as Mortgage News Daily.
