MC LEAN, Va. – For the first time in more than six months, the30-year fixed mortgage rate topped 6%. The average rate paid on a30-year loan the week of Oct. 10 was 6.03%, up from 5.98% theprevious week. A year ago, Freddie Mac said the rate on the 30-yearfixed rate mortgage averaged 5.74%. Freddie Mac Chief EconomistFrank Nothaft pointed the finger at “solid economic growth” as thecause of the rate hike. “That acceleration of growth, coupled withthe specter of higher energy costs, will translate into higherlong-term mortgage rates in the coming months,” he said. The rateon the 15-year fixed mortgage is also going up. The week of Oct. 10it was at 5.62%, up from the previous week's 5.54% and last year's5.14%.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.