Mortgage Rates Rise

Mortgage rates are climbing again. According to the Federal Reserve Bank of St. Louis, the average 30-year fixed mortgage rate rose to 7.3% in the week ending October 1st. The 15-year fixed rate also moved higher, reaching 6.6%. Both are now at their highest levels since November 2023. Higher borrowing costs can mean larger monthly payments, shrinking buying power for families already facing elevated home prices. Analysts say the jump may keep some buyers on the sidelines, while sellers could see fewer offers as affordability tightens.