Mortgage rates surge to 6.94%, a 20-year high, Freddie Mac says, leading to steep decline in home sales.
The 30-year fixed-rate mortgage averaged 6.94% as of October 20, according to data released by Freddie Mac on Thursday.Rates... The numbers: Mortgage rates have risen to the highest level in 20 years.
“‘The 30-year fixed-rate mortgage continues to remain just shy of 7% and is adversely impacting the housing market in the form of declining demand.’” “The U.S. housing market is at another standstill, but the driving forces are completely different from those that triggered the standstill at the start of the pandemic,” Redfin economics research lead Chen Zhao said in a statement.months ago and construction, particularly single-family residential construction,The adjustable-rate mortgage averaged 5.71%, down from the prior week.