Weekly Real Estate News
Summary
Freddie Mac's October 15 weekly survey shows the 30-year fixed mortgage rate unchanged at 7.40%, ending seven straight increases; the 15-year rate eased to 6.71%.
Freddie Mac reported October 15 that its average 30-year fixed mortgage rate held at 7.40%, unchanged from the prior week. The 15-year average slipped to 6.71% from 6.73%. The official survey places the 30-year benchmark well above its 6.27% level a year earlier.
The unchanged weekly reading ends seven consecutive increases, but does not reverse the borrowing-cost shock that has constrained housing demand. Freddie Mac measures application-based mortgage rates collected over the preceding Thursday-to-Wednesday period; individual borrowers may receive different offers.
Freddie Mac data show the 30-year rate averaged 6.65% on August 20 and 7.03% on September 24 before reaching 7.40% on October 8. For borrowers, the pause offers a measure of stability, though the level remains historically challenging relative to the past few years.
