The 30-year fixed-rate mortgage continued its ascent to the dreaded 8% level in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 7.79% as of Oct. 26, up from last week when it averaged 7.63%. A year ago at this time, it averaged 7.08%.
The 15-year fixed-rate mortgage averaged 7.03%, up from last week when it averaged 6.92%.A year ago at this time, it averaged 6.36 percent.
“For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022,” said Sam Khater, Freddie Mac’s chief economist. “Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory.”
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Once again people are being priced out of the market. Whats even worse is the fact that rent is even more expensive on a monthly basis when you compare it to a monthly mortgage payment. Many dont really have a choice right now, very sad. Seems like realtor and Mortgage companie have to bend over backwards now just to get a client through their doors!