BusinessOctober 31, 2022
Mortgage rate jumps again
Residential home mortgages will cost more to finance following a report Thursday, Oct. 27, showing the average rate on a 30-year fixed-rate mortgage has risen to the highest level in 20 years. Federal Home Loan Mortgage Corp. (Freddie Mac) said the rate rose last week from 6.94% to 7.08%. The last time the 30-year FRM topped 7% was in April 2002. A year ago, the average rate was 3.14%...
Residential home mortgages will cost more to finance following a report Thursday, Oct. 27, showing the average rate on a 30-year fixed-rate mortgage has risen to the highest level in 20 years.
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Federal Home Loan Mortgage Corp. (Freddie Mac) said the rate rose last week from 6.94% to 7.08%. The last time the 30-year FRM topped 7% was in April 2002. A year ago, the average rate was 3.14%.
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