According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up a whole point since early September.
“We continue to see the tale of two economies in the data: strong job and wage growth are keeping consumers’ balance sheets positive, while lingering inflation, recession fears, and housing affordability are driving housing demand down precipitously," Freddie Mac chief economist Sam Khater said in a statement.