According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up from 6.66% the week before.
Since April 2002, the average rate has never been higher. The 30-year fixed rate was 3.05% a year ago.
In the past year, mortgage rates have more than doubled as the Federal Reserve has continued its historic campaign of raising interest rates in an effort to rein in spiraling inflation.
Mortgage rates have been fluctuating over the past few months as a result of the central bank raising interest rates, investors’ worries about a recession, and conflicting economic news.
