US mortgages rate up to 6.70%, highest since 2007 - Freddie Mac

Thursday, 29. September 2022 16:35

The 30-year fixed mortgage averaged 6.70% with a weekly average of 0.9 points as of September 29, Freddie Mac reported Thursday in its latest report. The figure is the highest rate since July 2007.

"The uncertainty and volatility in financial markets is heavily impacting mortgage rates. Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year," said Freddie Mac chief economist Sam Khater in the report. "This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range."

The increase in mortgage rates comes on the heels of a series of interest rate hikes by the Federal Reserve. Mortgage rates usually rise or fall in tandem with the 10-year Treasury yield, which has been climbing in the last weeks, even reaching historical readings.

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Baha Breaking News (BBN) / JG