The 30-year fixed-rate mortgage averaged 7.19% as of Sept. 21, according to data from Freddie Mac (OTCQB: FMCC). This is up slightly from last week when it averaged 7.18%. A year ago at this time, it averaged 6.29%
“Mortgage rates continue to linger above 7% as the Federal Reserve paused their interest rate hikes,” said Sam Khater, Freddie Mac’s chief economist. “Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.”
Freddie Mac also reported the 15-year fixed-rate mortgage averaged 6.54%, up from last week when it averaged 6.51%. A year ago at this time, it averaged 5.44%.
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