Mortgage rates fluctuated greatly in the third quarter of 2022. The average 30-year fixed rate dipped as low as 4.99% on Aug. 4 then reached a high-water mark of 6.7% on Sept. 29, according to Freddie Mac.
This followed 248 basis points (2.48%) of growth in the year’s first half. Rates varied from one week to the next as the Fed wrestled with inflation. Mortgage rates experienced the largest weekly jump since 1987, surging 55 basis points (0.55%) the day after the Federal Reserve’s June hike.
With the pandemic’s declining economic impact, decades-high inflation, and the Fed planning several more aggressive hikes, interest rates could continue trending upward this year. However, concerns about an impending recession and waning buyer demand have caused rate drops and could cause more on any given week.
Experts industry leaders are split on whether 30-year mortgage rates will keep climbing, fall or level off in October.
Current Mortgage Rates for October 18, 2022
30- Year Fixed
You can get a rate quote within minutes with just a few simple steps to start.
Apply online:http://visionquestlending.com/free_quote/
BBB A+
Tony Nguyen | NMLS#93776
Vision Quest Lending | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042 | 877-318-0992 x6502 | Fax 866-394-9352
Email | tony@vqlending.com
Website | www.visionquestlending.com
This followed 248 basis points (2.48%) of growth in the year’s first half. Rates varied from one week to the next as the Fed wrestled with inflation. Mortgage rates experienced the largest weekly jump since 1987, surging 55 basis points (0.55%) the day after the Federal Reserve’s June hike.
With the pandemic’s declining economic impact, decades-high inflation, and the Fed planning several more aggressive hikes, interest rates could continue trending upward this year. However, concerns about an impending recession and waning buyer demand have caused rate drops and could cause more on any given week.
Experts industry leaders are split on whether 30-year mortgage rates will keep climbing, fall or level off in October.
Current Mortgage Rates for October 18, 2022
30- Year Fixed
Lender | Rate | APR | Est. Fees |
Vision Quest Lending | 6.75% | 6.811% | $2,500.00 |
Quicken Loans | 6.875% | 7.225% | $13,850.00 |
Bank of America | 6.875% | 7.092% | $8,950.00 |
Chase | 6.875% | 6.956% | $4,565.00 |
Example scenario: $400,000 loan amount, 80% LTV and 740+ credit score in CA. For informational purposes only. Does not constitute an offer to lend. Rates are subject to change without notice. Last updated 10/18/2022.
You can get a rate quote within minutes with just a few simple steps to start.
Apply online:http://visionquestlending.com/free_quote/
BBB A+
Tony Nguyen | NMLS#93776
Vision Quest Lending | 2860 Michelle Drive, Suite 140, Irvine, CA 92606
Direct 714-464-8042 | 877-318-0992 x6502 | Fax 866-394-9352
Email | tony@vqlending.com
Website | www.visionquestlending.com
