Mortgage & Housing
30-Year Mortgage Rate Climbs to 7.03% in Freddie Mac's Weekly Survey
via Freddie Mac
The average 30-year fixed mortgage climbed to 7.03% in the week ending September 24, up from 6.95% the prior week and a full percentage point above last year's rate, according to Freddie Mac's Primary Mortgage Market Survey. The 15-year fixed rate rose to 6.42%, compared to 5.49% a year ago.
Why it matters
Borrowing $350,000 at 7.03% instead of last year's 6.30% adds roughly $170 more per month to a mortgage payment, pushing affordability further out of reach for many buyers.


