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Two-Decade High: Mortgage Rates Rise to 6.92%

  • October 13th 2022

by UrbanTurf Staff

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Mortgage rate chart_10-13-22.png

Long-term mortgage rates are now at their highest level in 20 years. 

Freddie Mac reported 6.92% with an average 0.8 point this morning, up from 6.66% last week. Rates have not been this high since April 2002. 

“We continue to see a tale of two economies: strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears and housing affordability are driving housing demand down precipitously," Sam Khater, Freddie Mac's Chief Economist, said. "The next several months will undoubtedly be important for the economy and the housing market.”

With interest rates rising this high, it is important to understand how points work. See UrbanTurf's primer on mortgages and points here. 

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: interest rates, mortgage rates

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/two-decade_high_mortgage_rates_rise_to_692/20194.

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