FMCC Federal Home Loan Mortgage Corporation (QB)

By Will Feuer

Mortgage rates fell this week, with the average rate on the popular 30-year fixed-rate mortgage falling back just below 7%.

In the week ending Thursday, the average rate on a 30-year fixed-rate mortgage ticked down to 6.95% from 7.08% last week, Freddie Mac said. A year ago, the average rate was 3.09%.

Average 15-year rates were 6.29%, down from 6.36% last week, Freddie Mac said. A year ago, the 15-year fixed-rate mortgage rate averaged 2.35%.

The average rate on a five-year Treasury-indexed hybrid adjustable-rate mortgage, or ARM, was 5.95%, down from 5.96% last week. A year ago, the five-year ARM averaged 2.54%.

"Mortgage rates continue to hover around 7%, as the dynamics of a once-hot housing market have faded considerably," said Sam Khater, Freddie Mac's chief economist. "Unsure buyers navigating an unpredictable landscape keeps demand declining while other potential buyers remain sidelined from an affordability standpoint. Yesterday's interest rate hike by the Federal Reserve will certainly inject additional lead into the heels of the housing market."

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

November 03, 2022 10:14 ET (14:14 GMT)

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