FMCC Federal Home Loan Mortgage Corporation (QB)

By Dean Seal

Mortgage rates resumed their ascent this week after last week's dip, with the average rate on the popular 30-year fixed-rate mortgage once again climbing above 7%.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage climbed to 7.08% from 6.95% last week. A year ago, the average rate was 2.98%.

Average 15-year rates were 6.38%, up from 6.29% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.27%.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 6.06%, up from 5.95% last week. A year ago, the five-year ARM averaged 2.53%.

"As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent," said Sam Khater, Freddie Mac's chief economist. "The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve."

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 10, 2022 10:14 ET (15:14 GMT)

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