The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb —- modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market.
Signs stand in front of homes for sale along South St. Paul Street Thursday, Oct. 26, 2023, in southeast Denver. On Thursday, Freddie Mac reports on this week's average U.S. mortgage rates. – The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb — modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market.
“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under 8%,” said Sam Khater, Freddie Mac’s chief economist. High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in rock-bottom rates in recent years from selling. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 3.09%.
which fell in September for the fourth month in a row, grinding to their slowest pace in more than a decade.
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