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.
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.
To continue reading the rest of the article, please click on the source link below:
https://247wallst.com/economy/2022/09/09/mortgage-rates-keep-climbing-while-foreclosure-filings-rise/