This week in the housing market saw the continued upswing in mortgage rates mirrored by a rise in foreclosure filings and a spike in search engine inquiries from sellers trying to offload their properties.
On the Mortgage Front
Freddie Mac (OTCMKTS:FMCC) reported the 30-year fixed-rate mortgage averaged 5.89% as of Sept. 8, up from last week when it averaged 5.66%. The 15-year fixed-rate mortgage averaged 5.16%, up from last week when it averaged 4.98%.
And the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.64%, up from last week when it averaged 4.51%.
“Mortgage rates rose again as markets continue to manage the prospect of more aggressive monetary policy due to elevated inflation,” said Sam Khater, Freddie Mac’s chief economist.
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