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   Mortgage rates continued to climb this week, adding further pressure   
   to the cooling housing market as more Americans are priced out of   
   buying homes.   
      
   Freddie Mac reported Thursday that the average rate for the   
   benchmark 30-year fixed mortgage jumped to 7.63%, up from 7.57% last   
   week and from 6.94% a year ago.   
      
   The rate for a 15-year mortgage also climbed, averaging 6.92% after   
   coming in last week at 6.89%. One year ago, the rate on a 15-year   
   fixed note averaged 6.23%.   
      
   Freddie Mac's chief economist, Sam Khater, recommends borrowers look   
   into their options with multiple lenders before committing to loan   
   terms as mortgage rates are expected to march even higher.   
      
   MORTGAGE DEMAND PLUMMETS TO NEW THREE-DECADE LOW AS RATES RACE   
   TOWARD 8%   
      
   "Mortgage rates continued to approach eight percent this week,   
   further impacting affordability," Khater said in a statement. "In   
   this environment, it’s important that borrowers shop around with   
   multiple lenders for the best mortgage rate. With research showing   
   down payment is the single largest barrier to first-time homebuyers   
   attaining homeownership, borrowers should also ask their lender   
   about down payment assistance."   
      
   Home affordability in the U.S. continues to decline as home prices   
   remain elevated due to a lack of supply while rising mortgage rates   
   are driving payments up further.   
      
   The National Association of Realtors (NAR) reported Thursday that   
   home prices rose for the third consecutive month in September while   
   existing home sales fell for the sixth straight month.   
      
   https://www.foxbusiness.com/economy/mortgage-rates-rise-worsening-   
   home-affordability-crisis   
      
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