Long-term mortgage rates rose on the back of reacceleration of inflation and strength in the economy, according to the Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 7.18% as of Sep. 14, up from 7.12% last week and 6.02% in the year-ago period.
15-year fixed-rate mortgages averaged 6.51%, down from 6.52% last week but higher than 5.21% a year ago.
“Mortgage rates inched back up this week and remain anchored north of seven percent,” Freddie Mac’s chief economist, Sam Khater, said.
“The reacceleration of inflation and strength in the economy is keeping mortgage rates elevated,” Khater added.
Here is a look at the survey results: