The real estate market in the US does not give respite to aspiring home buyers. Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), showing that The 30-year fixed rate mortgage (FRM) averaged 7.18% this week.
“Mortgage rates rose again this week and remain anchored above seven percent“said Sam Khater, chief economist at Freddie Mac.
“Reaccelerating inflation and strong economy keep mortgage rates high. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping for the best quote,” Khater added.
Freddie Mac research suggests that homebuyers can potentially save between $600 and $1,200 a year by applying for mortgages from multiple lenders.
This is how the rates were:
30 year mortgage
30-year fixed rate mortgages averaged 7.18% as of September 14, 2023, compared to last week when they averaged 7.12%. A year ago at this time, the 30-year FRM was averaging 6.02%.
15 year mortgage
15-year fixed rate mortgages averaged 6.51%, less than last week when they averaged 6.52%. A year ago at this point, the 15-year FRM averaged 5.21%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20% down payment and have excellent credit.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· 30-year mortgage rates in the US remain above 7%
· Places homebuyers are moving to in the US.
2023-09-15 15:21:51
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