Leave a Message

Thank you for your message. We will be in touch with you shortly.

Mortgage Rates At Highest Peak In Almost 23 Years

WRE News September 30, 2023

Buyer

Mortgage Rates At Highest Peak In Almost 23 Years

Mortgage rates have reached a level not seen since Bill Clinton was in the White House, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 7.31% as of Sept. 28, up from last week when it averaged 7.19%. A year ago at this time, it averaged 6.70%.

The 15-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.54%.A year ago at this time, it averaged 5.96%.

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s chief economist. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”

 

We are Your GPS to Success Let’s Get Started

We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today

Follow Us On Instagram