Mortgage Rates Continue to Rise

Mortgage rates continued to rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.44% as of Oct. 17, up from last week when it averaged 6.32%. A year ago at this time, it averaged 7.63%.

The 15-year fixed-rate mortgage averaged 5.63%, up from last week when it averaged 5.41%. A year ago at this time, it averaged 6.92%.

“The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%,” said Sam Khater, Freddie Mac’s chief economist. “In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”