The 30-year fixed-rate mortgage surged higher, averaging 7.57% as of Oct. 12, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC). Last week, it averaged 7.49%, and a year ago at this time it averages 6.92%.
“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” said Sam Khater, Freddie Mac’s chief economist. “The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.”
Freddie Mac also reported the 15-year fixed-rate mortgage averaged 6.89%, up from last week when it averaged 6.78%. A year ago at this time, it averaged 6.09%.