Bank / Credit Union
Mortgage rates surpass 7%
November 14, 2022
Average 30-year mortgage rates have reached 7.08%, according to Freddie Mac's Primary Mortgage Market Survey. Last year the average was 2.98%, according to a press release.
In addition, 15-year fixed rate mortgages averaged 6.38% compared to 2.27% last year.
"As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent," Sam Khater, chief economist, Freddie Mac, said in the release. "The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on home buyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve."
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