Search
 

30-year Mortgage Rate Breaks 6% Mark

MC LEAN, Va. - For the first time in more than six months, the 30-year fixed mortgage rate topped 6%. The average rate paid on a 30-year loan the week of Oct. 10 was 6.03%, up from 5.98% the previous week. A year ago, Freddie Mac said the rate on...

By Staff Writer | Updated on October 25, 2005

MC LEAN, Va. – For the first time in more than six months, the 30-year fixed mortgage rate topped 6%. The average rate paid on a 30-year loan the week of Oct. 10 was 6.03%, up from 5.98% the previous week. A year ago, Freddie Mac said the rate on the 30-year fixed rate mortgage averaged 5.74%. Freddie Mac Chief Economist Frank Nothaft pointed the finger at “solid economic growth” as the cause of the rate hike. “That acceleration of growth, coupled with the specter of higher energy costs, will translate into higher long-term mortgage rates in the coming months,” he said. The rate on the 15-year fixed mortgage is also going up. The week of Oct. 10 it was at 5.62%, up from the previous week’s 5.54% and last year’s 5.14%.

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

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • 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.

Already have an account?

 

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.