- Mortgage rates surged for the sixth week in a row, moving closer to 7%.
- The 30-year fixed-rate mortgage averaged 6.70% in the week ending September 29, up from 6.29% the week before, according to Freddie Mac. That’s the highest level since July 2007.
- Mortgage rates have more than doubled since the start of this year as inflation soared and led the Federal Reserve to hike borrowing costs. The central bank’s unprecedented campaign to fight inflation has concerned investors and roiled bond markets.
“The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist.
The average mortgage rate is based on a survey of conventional home purchase loans for borrowers who put 20% down and have excellent credit, according to Freddie Mac. But many buyers will pay more.
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