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Mortgage Rates Rise To 6.29%

Mortgage rates, or interest rates on home loans, rose again this week as 10-year treasury yield's jumped to highest level since 2011, according to mortgage provider Freddie Mac (FMCC.OB).

"The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield's jump to its highest level since 2011," said Sam Khater, Freddie Mac's Chief Economist. "Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels."

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.29 percent for the week ending September 22, 2022, up from 6.02 percent last week. A year ago at this time, the average rate was 2.88 percent.

The 15-year FRM this week averaged 5.44 percent, up from 5.21 percent last week. A year ago at this time, the 15-year FRM averaged 2.15 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 4.97 percent, up from 4.93 percent last week. It was 2.43 percent a year ago.

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