After a slight uptick to 7.19% a week ago, the 30-year fixed-rate mortgage (FRM) averaged 7.31% this week, its highest level in 23 years, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday.

This week’s numbers:

• 30-year fixed-rate mortgage averaged 7.31% as of September 28, 2023, up from last week when it averaged 7.19%. A year ago at this time, the 30-year FRM averaged 6.70%.

• 15-year fixed-rate mortgage averaged 6.72%, up from last week when it averaged 6.54%. A year ago at this time, the 15-year FRM averaged 5.96%.

What the experts are saying:

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s chief economist. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”