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."
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