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Mortgage Rates Now Close to 7.5%
Mortgage News Daily • • general
Key Points:
- Freddie Mac's weekly mortgage rate survey recently showed a 30-year fixed rate just over 7%, but this figure averages rates over several days and may not reflect current daily rates accurately.
- Daily mortgage rates first surpassed 7% on September 10th, influenced by inflation reports and expectations of Federal Reserve rate hikes.
- As of the latest data, daily mortgage rates have risen to approximately 7.45%, higher than the weekly average reported by Freddie Mac.
- While some mortgage notes may still be quoted below 7%, these often involve additional upfront costs or buydowns, making the true comparable rate closer to the higher daily index.
- Factors driving the rate increases include higher oil prices, stronger economic data, and anticipation of accelerated Federal Reserve rate hikes.
