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News: September 27, 2022. The 30-Year Fixed-Rate Mortgage Averaged 6.29%. It is Increasing Fast Again

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The Primary Mortgage Market Survey® (PMMS®), (reference)showed that the 30-year fixed-rate mortgage (FRM) averaged 6.29% last week as reported on September 22, 2022. The previous week it was 6.02%. It is rising fast.

The increase in interest rates, and the high inflation rate is making mortgage interest rates increase fast. The mortgage rate is expected to increase as the Federal Reserve will keep increasing its interest rate and the inflation is not yet contained. This level is not seen since October 2008