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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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Mortgage Rates Are Back On The Rise

Recent Blog Posts

West Palo Alto Neighborhoods

6 Easy Changes You Can Make To Keep Your Home Warm on a Budget

The Best Time Of Day To Drink Coffee For Maximum Benefits Isn’t First Thing When You Wake Up

How Much Home Equity Have You Gained? The Answer Might Surprise You

Comedian Heather McMahan Is A Crazy Dog Mom, Just Like The Rest Of Us

New Study Details Artificial Intelligence Practices in the Real Estate Sector

We are Your GPS to Success Let’s Get Started

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