“Mortgage rates inched back up this week and remain anchored north of seven percent,” said Sam Khater, Freddie Mac’s Chief Economist. “The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated. However, potential homebuyers can still benefit during these times of high mortgage rates by shopping around for the best rate quote. Freddie Mac research suggests homebuyers can potentially save $600-$1,200 annually by applying for mortgages from multiple lenders.”

News Facts

• The 30-year fixed-rate mortgage averaged 7.18 percent as of September 14, 2023, up from last week when it averaged 7.12 percent. A year ago at this time, the 30-year FRM averaged 6.02 percent.
• The 15-year fixed-rate mortgage averaged 6.51 percent, down from last week when it averaged 6.52 percent. A year ago at this time, the 15-year FRM averaged 5.21 percent.

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