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Mortgage Rates Are Back On The Rise

WRE News September 17, 2023

Buyer

Mortgage rates resumed their upward trajectory and stayed above the dreaded 7% mark in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.18% as of Sept. 14, up from last week when it averaged 7.12%. A year ago at this time, it averaged 6.02%.

The 15-year fixed-rate mortgage averaged 6.51%, taking a scant dip from last week when it averaged 6.51%. A year ago at this time, it averaged 5.21%.

“Mortgage rates inched back up this week and remain anchored north of seven percent,” said Sam Khater, Freddie Mac’s chief economist. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.”

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