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30-Year Mortgage Rate Holds at 7.40 Percent
More than a full point above a year ago, according to Freddie Mac's weekly survey. The 15-year average is 6.71 percent.
The average 30-year fixed mortgage rate was 7.40 percent this week, unchanged from last week, Freddie Mac said in its Primary Mortgage Market Survey released October 15. A year ago it averaged 6.27 percent. The 15-year fixed averaged 6.71 percent, down from 6.73 percent last week and up from 5.52 percent a year ago.
Fixed mortgage rates follow longer-term Treasury yields more closely than the Fed's own rate, and those yields are high: the 10-year Treasury closed at 5.10 percent on October 15, according to Treasury's daily yield data.
Freddie Mac's figures are averages drawn from applications lenders submit to it. The rate you are offered can be higher or lower depending on credit score, down payment, points and loan type, so compare offers from several lenders on the same day.
Sources