Mortgage Rates Inch Up This Week

Freddie Mac  today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 7.18 percent.

“Mortgage rates inched back up this week and remain anchored north of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.”

• 30-year fixed-rate mortgage averaged 7.18 percent as of September 14, 2023, up from last week when it averaged 7.12 percent. A year ago at this time, the 30-year FRM averaged 6.02 percent.
• 15-year fixed-rate mortgage averaged 6.51 percent, down from last week when it averaged 6.52 percent. A year ago at this time, the 15-year FRM averaged 5.21 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.