The 30-year fixed-rate mortgage averaged 7.63% this week, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
- The average 30-year fixed-rate was 7.63% as of October 19, 2023. That’s up slightly from the previous week’s average of 7.57%. A year ago, it was 6.94%.
- The average 15-year fixed-rate was 6.92%. That’s up from 6.89% last week. A year ago, it was 6.23%.
With rates continuing their ascent toward 8%, Sam Khater, Freddie Mac’s Chief Economist, advised borrowers to shop around with multiple lenders for the best rates. He also advised first timers to find out about down payment assistance programs.
“With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance,” he said.
Numerous down payment assistance programs are available nationally, including Freddie Mac’s DPA One.
Khater said that it’s not just homebuyers that are feeling the pinch of rising rates. Homebuilders are feeling it as well.
“Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence,” he said. “As a result, we expect construction to trend down in the short-term.”
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