Mortgage Rates Come Close To 7% As Foreclosure Filings Spike
This week in the housing world, mortgage rates ascended to their highest level in 20 years, mortgage application activity remained at a quarter-century low, and foreclosure starts almost returned to pre-pandemic levels. On the Mortgage FrontFreddie Mac (OTCMKTS:FMCC) reported the 30-year fixed-rate mortgage averaged 6.92% as of Oct. 13, up from last week when it averaged 6.66%. The 15-year fixed-rate mortgage averaged 6.09%, up from last week when it averaged 5.90%. And the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 5.81%, up from last week when it averaged 5.36%. Q...