{"id":36288,"date":"2023-10-26T17:56:09","date_gmt":"2023-10-26T17:56:09","guid":{"rendered":"https:\/\/prosfunds.com\/business\/mortgage-rates-climb-higher-edging-closer-to-8\/"},"modified":"2023-10-26T17:56:11","modified_gmt":"2023-10-26T17:56:11","slug":"mortgage-rates-climb-higher-edging-closer-to-8","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36288","title":{"rendered":"Mortgage rates climb higher, edging closer to 8%"},"content":{"rendered":"
\n

\n Mortgage rates continued to climb\u00a0this week amid a stronger-than-expected economy.\n <\/p>\n

\n The 30-year fixed-rate mortgage averaged 7.79% in the week ending October 26, up from 7.63% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 7.08%.\n <\/p>\n

\n \u201cFor the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022,\u201d said Sam Khater, Freddie Mac\u2019s chief economist.\n <\/p>\n

\n Rates have been on a tear in 2023, rising two full percentage points.\n <\/p>\n

\n \u201cPurchase activity has slowed to a virtual standstill, affordability remains a significant hurdle for many and the only way to address it is lower rates and greater inventory,\u201d he said.\n <\/p>\n

\n The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit. A current buyer\u2019s rate may be different.\n <\/p>\n

\n This is a developing story and will be updated.<\/em>\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates continued to climb\u00a0this week amid a stronger-than-expected economy. The 30-year fixed-rate mortgage averaged 7.79% in the week ending October 26, up from 7.63% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 7.08%. \u201cFor the seventh week in a row, mortgage rates continued to […]<\/p>\n","protected":false},"author":1,"featured_media":36289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-36288","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nMortgage rates climb higher, edging closer to 8% | Prosfunds<\/title>\n<meta name=\"description\" content=\"Mortgage rates continued to climb\u00a0this week amid a stronger-than-expected economy. 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