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Mortgage rates up to 7.57% this week on heels of strong jobs report: Freddie Mac

Mortgage rates kept climbing for the fifth consecutive week, bringing average year-over-year rates 60 basis points higher.

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year, fixed-rate mortgage averaged 7.57% as of Oct. 12. That’s up 8 basis points from 7.49% the previous week.

By contrast, the 30-year, fixed-rate mortgage was at 6.92% a year ago at this time.

“For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase,” Sam Khater, Freddie Mac’s chief economist details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com