By Jorge Vazquez
29 Sep 2023, 09:37 AM EDT
Owning a property in the United States is looking increasingly more complicated, this week Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS), which shows that the 30-year fixed rate mortgage (FRM) averaged 7.31% .
“The 30-year fixed-rate mortgage has reached the highest level since 2000,” said Sam Khater, chief economist at Freddie Mac.
“However, unlike at the turn of the millennium, home prices today are rising along with mortgage rates, primarily due to low inventory,” Khater added.
With these data against us, both buyers and sellers remain waiting for better circumstances.
This is how the rates were:
30 year mortgage
30-year fixed-rate mortgages averaged 7.31% as of September 28, 2023, up from last week when they averaged 7.19%. A year ago around this time, the 30-year FRM averaged 6.70%.
15 year mortgage
15-year fixed-rate mortgages averaged 6.72%, up from last week when they averaged 6.54%. A year ago at this point, the 15-year FRM averaged 5.96%.
PMMS focuses on conventional, conforming, fully amortizing home loans for borrowers who make a 20 percent down payment and have excellent credit.
Keep reading:
· Real estate market myths that affect buyers and sellers in the US today.
· 30-year mortgage rate remains firm above 7% and home buyers resent it
· Places homebuyers are moving to in the US.