Mortgage Rates Resume Their Climb
“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.
Primary Mortgage Market Rate Averages, week ending 10/12/2022.
- 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.
Source: www.freddiemac.com
Are you considering selling and/or purchasing a home in Bucks, Montgomery, Delaware, Mercer, Burlington or Philadelphia? Now, more than ever, you need expert, professional representation. Before you consider making a move, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing to suit your needs.
