Freddie Mac data shows the US 30-year fixed mortgage averaged 7.40% this week, up
from 7.28% a week earlier — the seventh consecutive weekly increase and the
longest run in three years. The rate is the highest since November 2023 and
versus 6.3% a year ago. High home prices and rising borrowing costs are
worsening housing affordability: with a 20% down payment, monthly
principal-and-interest on a $500,000 purchase is about $172 higher than four
weeks ago, and about $345 higher on a $1,000,000 purchase. The share of
Adjustable-rate mortgages rose to 12.2% in early October, a four-year high.
