The 30-year fixed-rate mortgage climbed for the third consecutive week, inching closer to 6.5 percent, according to Freddie Mac.
The federal agency’s Primary Mortgage Market Survey revealed that for the week ending Oct. 17, the average 30-year fixed-rate mortgage rose by 12 basis points to 6.44 percent.
Fifteen-year fixed-rate mortgages also jumped by 22 basis points to 5.63 percent.
Both are at their highest levels since mid-August.
Despite another weekly increase in mortgage rates, they are still down by more than 1 percent from a year ago, says Sam Khater, the chief economist at Freddie Mac.
“The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5 percent,” Khater said in a statement….