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Mortgage Rates Increase For 6th Consecutive Week

Mortgage rates, or interest rates on home loans, rose for the sixth consecutive week and has doubled over the last year, according to mortgage provider Freddie Mac (FMCC.OB).

"The uncertainty and volatility in financial markets is heavily impacting mortgage rates," said Sam Khater, Freddie Mac's Chief Economist. "Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year. This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range."

Khater continued, "The large dispersion in rates means it has become even more important for homebuyers to shop around with different lenders."

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.70 percent for the week ending September 29, 2022, up from 6.29 percent last week. A year ago at this time, the average rate was 3.01 percent.

The 15-year FRM this week averaged 5.96 percent, up from 5.44 percent last week. A year ago at this time, the 15-year FRM averaged 2.28 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 5.30 percent, up from 4.97 percent last week. It was 2.48 percent a year ago.

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