Mortgage Rates pushed to a new high last week as the market reacted to uncertainty over the Federal Reserve's next move and the geopolitical climate, according to Freddie Mac. The average 30-year fixed-rate mortgage increased to 7.57% for the week ending Oct. 12, according to Freddie Mac's latest Primary Mortgage Market Survey. That's an increase from the previous week when it averaged 7.49%. A year ago, the 30-year fixed-rate mortgage averaged 6.92%.
Mortgage rates have suffered the pains of lingering inflation and the Fed's unrelenting pace of interest rate increases. The Fed has raised interest rates 11 times since last year, which has triggered a significant jump in mortgage rates, pushing them to their highest level in over two decades. How high rates move will largely depend on the central bank's next decision.
The National Association of Home Builders, the Mortgage Bankers Association and the National Association of Realtors have asked the Fed to be more transparent about where rates are heading. In a joint letter sent to the central bank, the groups said that the uncertainty over the Fed's rate path has contributed to recent interest rate hikes and volatility.
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