Freddie Mac's results of its Primary Mortgage Market Survey® shows that "For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022. Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers. Purchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory."
• 30-year fixed-rate mortgage (FRM) averaged 7.79 percent for the week ending September 21, 2023, up from last month when it averaged 7.23 percent. A year ago, at this time, the 30-year FRM averaged 7.08 percent.
• 15-year FRM this week averaged 7.03 percent, up from last month when it averaged 6.55 percent. A year ago, at this time, the 15-year FRM averaged 6.36 percent.