‘Rates have risen two full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers,’ Freddie Mac says
U.S. mortgage rates rose for the seventh week in a row, making it the longest streak of increases since last spring.
It’s up 16 basis points from the previous week — one basis point is equal to one hundredth of a percentage point. Rates continue to be at the highest level since November 2000.The average rate on the 15-year mortgage was 7.03%, up from 6.92% last week. The 15-year was at 6.36% a year ago. Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 7.98% as of Thursday afternoon.
“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,” he added.
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