Mortgage Rates Rise Above Seven Percent 11/10/2022
“As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve.”
News Facts
- The 30-year fixed-rate mortgage averaged 7.08 percent with an average 0.9 point as of November 10, 2022, up from last week when it averaged 6.95 percent. A year ago at this time, the 30-year FRM averaged 2.98 percent.
- The 15-year fixed-rate mortgage averaged 6.38 percent with an average 1.0 point, up from last week when it averaged 6.29 percent. A year ago at this time, the 15-year FRM averaged 2.27 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 6.06 percent with an average 0.2 point, up from last week when it averaged 5.95 percent. A year ago at this time, the 5-year ARM averaged 2.53 percent.
