Mortgage Rates Approach 8% 10-19-2023
“Mortgage rates continued to approach eight percent this week, further impacting affordability,” said Sam Khater, Freddie Mac’s Chief Economist. “In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate. With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance. Launched this week, Freddie Mac’s DPA One® tool helps lenders and homebuyers identify and take advantage of down payment assistance programs nationwide.”
Khater continued, “Not only are homebuyers feeling the impact of rising rates, but home builders are as well. Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence. As a result, we expect construction to trend down in the short-term.”
News Facts
- The 30-year fixed-rate mortgage averaged 7.63 percent as of October 19, 2023, up from last week when it averaged 7.57 percent. A year ago at this time, the 30-year FRM averaged 6.94 percent.
- The 15-year fixed-rate mortgage averaged 6.92 percent, up from last week when it averaged 6.89 percent. A year ago at this time, the 15-year FRM averaged 6.23 percent.
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