Monthly mortgage rates rising along with interest rates
Fox Business Flash top headlines for October 7
Check out what’s clicking on FoxBusiness.com.
Average U.S. monthly mortgage rates are on the rise, with payments on homes jumping $50 over the last six weeks, according to a new report from Redfin.
In recent weeks, the benchmark 30-year loan surpassed 3% for the first time since June, according to the real estate brokerage.
CLICK HERE TO READ MORE ON FOX BUSINESS
As of Oct. 7, the rate for a 30-year loan is 2.99% while the rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, is sitting at about 2.33%, according to mortgage buyer Freddie Mac.
"For now, mortgage rates are still hovering near 3% and demand remains strong," according to Redfin Chief Economist Daryl Fairweather.