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30-year fixed mortgage rates near 7.5% after weekly survey rise

Freddie Mac’s latest weekly survey clocked 7.03%, up from 6.95% the prior week, while daily tracking moved to 7.45% from 7.26%.

Reported · Written up by our desk · Mortgages

Mortgage News Daily says the benchmark 30-year fixed mortgage rate is edging toward 7.5%, after Freddie Mac’s weekly rate survey rose to 7.03% from 6.95% last week.

The publication notes the weekly survey reflects an average of rates seen over a five-day window, meaning it does not capture what happened on any single day and can be pulled down by lower rates earlier in the cycle.

Mortgage News Daily adds that in daily terms its rate index climbed to 7.45% from 7.26% as of the prior day, and that breaking above 7% first occurred on September 10 following inflation reports that increased the risk of a Fed rate hike.

The outlet also attributes the move higher since September 10 to a mix of Fed comments, higher oil prices, and stronger economic data, while saying high-6% rate quotes remain possible for specific note rates.

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