Mortgage Rates Edge Lower After Six-Week Climb

By Dean Seal

Mortgage rates finally ended their six-week ascent but remain at levels not seen since 2008, housing-finance agency Freddie Mac said.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage rose to 6.66% from 6.70% last week. A year ago, the average rate was 2.99%.

Average 15-year rates were 5.90%, down from 5.96% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.23%.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 5.36%, up from 5.30% last week. A year ago, the five-year ARM averaged 2.52%.

"Mortgage rates decreased slightly this week due to ongoing economic uncertainty," said Sam Khater, Freddie Mac's chief economist. "However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers."

Write to Dean Seal at [e-mail]

(END) Dow Jones Newswires

October 06, 2022 10:20 ET (14:20 GMT)

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