Mortgage Rates Drop Slightly; First Decrease In 6 Weeks

Mortgage rates, or interest rates on home loans, dropped slightly after rising for six consecutive weeks, due to ongoing economic uncertainty, according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 6.66 percent for the week ending October 6, 2022, down from 6.70 percent last week. A year ago at this time, the average rate was 2.99 percent.

The 15-year FRM this week averaged 5.90 percent, down from 5.96 percent last week. A year ago at this time, the 15-year FRM averaged 2.23 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 5.36 percent, up from 5.30 percent last week. It was 2.52 percent a year ago.

"Mortgage rates decreased slightly this week due to ongoing economic uncertainty," said Sam Khater, Freddie Mac's Chief Economist. "However, rates remain quite high compared to just one year ago, meaning housing continues to be more expensive for potential homebuyers."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
German sportswear company Adidas AG said Wednesday it will withdraw its request to block the application by the Black Lives Matter movement to trademark a yellow three-stripe design similar to Adidas' branding. This move by Adidas comes just 48 hours after it had filed an objection to the U.S. Patent and Trademark Office against the use of the three parallel stripes design. Generative artificial intelligence or AI technologies, including the highly popular ChatGPT, could expose around 300 million full-time jobs around the world to automation, a report by Goldman Sachs predicts, deepening the rising fears about job security. According to a new research report by GS economists, "The Potentially Large Effects of Artificial Intelligence on Economic Growth",.. UBS Group AG has called back its former Chief Executive Officer Sergio Ermotti to lead the Swiss banking giant amid the new challenges and priorities it faces following its planned acquisition of troubled domestic rival Credit Suisse Group AG. Following the news, UBS shares were gaining more than 2 percent in Swiss trading as well as in pre-market activity on the NYSE.
Follow RTT