The 30-year fixed-rate mortgage averaged 7.63% in the week ending October 19, up from 7.57% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.94%.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer’s rate That will further hurt inventory levels, and the low inventory of homes to buy is one of the main reasons prices are staying as high as they are right now.Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign — and while a good deal of progress has been made since June 2022, when inflation hit 9.1%, Fed officials say there is still a ways to go.
“The 20-year high mortgage rates have exacerbated the affordability struggles faced by first-time homebuyers who lack the advantage of near-record high home equity to leverage,” said Jiayi Xu, an economist at Realtor.com, in a statement.