Mortgage rates jumped up over 40 basis points in just one week, according to the latest Freddie Mac weekly survey.
- 30-YR Fixed jumped up 41 basis points to 6.70% for the week ending September 29th, this is up 104 basis points from the start of the month and is now up 369 basis points from one year ago when rates were 3.01%.
- 15-YR Fixed jumped a whopping 52 points to 5.96% for the week ending September 29th, this is up 102 basis points from the start of the month and is now up 268 basis points from one year ago when rates were 2.28%.
Fast Reversal. Rates are now up for the sixth week in a row and are now up 171 basis points in just 8 weeks.
Analysis. Sam Khater, Freddie Mac’s Chief Economist. says this continued jump in rates will continue to put downward pressure on rates. “The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.”