The 30-year mortgage rate crosses 7 percent, rising eight basis points to 7.03 percent
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Freddie Mac's average 30-year fixed mortgage rate rose to 7.03 percent in the week ended September 24, up from 6.95 percent one week earlier. A year ago it was 6.30 percent.
The 15-year average rose to 6.42 percent from 6.26 percent. The survey draws on thousands of conventional, conforming purchase applications submitted by lenders through Freddie Mac's Loan Product Advisor.
This is a benchmark, not an offer. The 30-year average is 73 basis points above its year-earlier level, while the 15-year average is 93 basis points higher.
