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Mortgage Rates Breach 6%

Mortgage rates, or interest rates on home loans, continues to rise and breached the six percent-mark for the first time since 2018, according to mortgage provider Freddie Mac (FMCC.OB).

"Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008," said Sam Khater, Freddie Mac's Chief Economist. "Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate. This indicates that while home price declines will likely continue, they should not be large."

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.02 percent for the week ending September 15, 2022, up from 5.89 percent last week. A year ago at this time, the average rate was 2.86 percent.

The 15-year FRM this week averaged 5.21 percent, up from 5.16 percent last week. A year ago at this time, the 15-year FRM averaged 2.12 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.93 percent, up from 4.64 percent last week. It was 2.51 percent a year ago.

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