Mortgage Rates Surpass 7 Percent in North America

According to Freddie Mac, the average rate on 30-year mortgages - the most popular kind among Americans - rose to the highest level since 2002.

"The 30-year fixed-rate mortgage broke seven percent for the first time since April 2002, leading to greater stagnation in the housing market," said Sam Khater, Freddie Mac's Chief Economist. "As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month. In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward."

Freddie Mac News Facts:

• 30-year fixed-rate mortgage averaged 7.08 percent with an average 0.8 point as of October 27, 2022, up from last week when it averaged 6.94 percent. A year ago, at this time, the 30-year FRM averaged 3.14 percent.
• 15-year fixed-rate mortgage averaged 6.36 percent with an average 1.4 point, up from last week when it averaged 6.23 percent. A year ago, at this time, the 15-year FRM averaged 2.37 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.96 percent with an average 0.3 point, up from last week when it averaged 5.71 percent. A year ago, at this time, the 5-year ARM averaged 2.56 percent.

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