September 15, 2022
The most popular mortgage in the US, the 30-year fixed exceeded 6% for the first time in 14 years. According to Freddie Mac, the 30-year fixed sits at 6.02% and the 15-year fixed rate hit 5.21%.
That’s almost double what the rate was just 9 months ago.
Freddie Mac says the increase in rates will likely continue to dampen demand and cause prices to go down, the inventory on the market remains “adequate.”
Though interest rates don’t have a direct impact on fixed mortgage rates, we have seen steady increases in fixed rate mortgages over the last year as the Federal Reserve continues to impose rate hikes. However the major contributor is inflation. As I reported earlier this week, August’s inflation numbers are slightly up between July and August.
Look at the numbers from Freddie Mac here.
