30-Year Fixed-Rate Mortgage Surges To 7.49%

The 30-year fixed-rate mortgage spiked again, averaging 7.49% as of Oct. 5, according to new data from Freddie Mac (OTCQB: FMCC). This is up from last week when it averaged 7.31%. A year ago at this time, it averaged 6.66%.

“Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed,” said Sam Khater, Freddie Mac’s chief economist. “Several factors, including shifts in inflation, the job market, and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.

Freddie Mac also reported the 15-year fixed-rate mortgage averaged 6.78%, up from last week when it averaged 6.72%. A year ago at this time, it averaged 5.90%.