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Mortgage Mix: Rates Close in on 7%

Home Agents
By Devin Meenan
October 21, 2022
Reading Time: 2 mins read
Mortgage Mix: Rates Close in on 7%

Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday.

  • Mortgage rates have been mostly increasing in the past weeks and the week of October 16 was no different.
  • We reported this week that 30-year fixed mortgage rates now sit at 6.94%. This is a meager increase from the previous week’s rates, 6.92%, but one that brings rates ever closer to 7%. It also marks a 3.76% increase year-over-year.
  • The 15-year fixed mortgage rate is now 6.09%, a 3.61% increase year-over-year.
  • The 6.94% rate is the highest point for 30-year-fixed mortgage rates in 20 years, per our reporting last week.
  • As the National Association of REALTORS®’ Chief Economist Lawrence Yun recently documented, the 30-year fixed mortgage rate has experienced a largely uninterrupted downturn since 1990. The steady increase during 2022 is the sharpest reversal of that downward slope.
  • Yun predicts that mortgage rates could reach as high as 8.5%, though he hopes that rates still hover around 7% and that this will become “the new normal.”
  • The Mortgage Bankers Association’s Weekly Application Survey, published on October 18, 2022, found that in September 2022, mortgage applications for new home purchases decreased by 13.2% year-over-year, signaling a decrease in housing market demand.
  • As George Ratiu—manager of economic research at com®—as reported by RISMedia, said: “A household earning the median annual income of $71,000 and using a 20% down payment could afford a home priced at $448,700 in January 2022 when rates were 3.1%. In contrast, at a 7% mortgage rate, the same household can only buy a $341,700 home.”
  • Due to higher fixed mortgage rates, since September 2022, there has been renewed interest in Adjustable Rate Mortgages (ARMs), which currently sit at a lower rate of 5.65%.
  • However, ARMs remain a gamble. While less costly in the short term, they can actually cost buyers more in the long term depending on market rate once the initial fixed period of the mortgage ends.
Tags: MLSNewsFeedMortgageMortgage ApplicationsMortgage MixMortgage Rates
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Devin Meenan

Devin Meenan is an assistant editor for RISMedia.

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