Freddie Mac 30-Year Mortgage Rate Rises 5 Basis Points to 6.76%
Freddie Mac's September 10 Primary Mortgage Market Survey put the 30-year fixed-rate average at 6.76%, up 5 basis points from the prior week and 41 basis points above the same week a year ago. For a borrower taking a $320,000 loan, the weekly increase adds roughly $10.63 to the monthly principal-and-interest payment, while the year-over-year rise adds $86.49. Mortgage application volume fell 2.7% in the same period, and a daily market index from Mortgage News Daily showed a 30-year rate of 7.12% on September 11, 36 basis points above the weekly PMMS benchmark.