As of the September 19 data, Freddie Mac’s report on mortgage interest rates showed a jump higher across the board.
The 30-year fixed rate was up 17 basis points to 3.73% from the prior week, and the highest weekly rate since 3.75% in the August 1 data. That pushes the September to-date average up to 3.59%, still below the 3.62% of August and near three year lows.
The 15-year fixed rate rose 12 basis points to 3.21% from the prior week and was the highest weekly rate since 3.23% in the July 18 week. For September to-date, the average rate was 3.10%, 2 basis points above the 3.08% of August.
The rate for a 5/1-year ARM rose 13 basis points to 3.49%, the highest week rate since 3.51% in the June 13 week. The September average so far is at 3.38%, also 2 basis points above the 3.36% in August.
Mortgage rates have now risen for a second week in a row. Whether this will be enough to choke off homes sales in September has yet to be seen. It may end up motivating some buyers to engage now before further increases set in. However, some may opt to wait to see if calmer geopolitical events and a Fed rate cut bring rates down again.
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