Mortgage rates rose above 3% for the first time since the beginning of July — and home buyers could feel the crunch.

The 30-year fixed-rate mortgage averaged 3.01% for the week ending Sept. 30, up 23 basis points from the previous week, Freddie Mac FMCC, -6.71% reported this week. A year ago, the 30-year fixed-rate mortgage was averaging 2.88%.

“At today’s rate, the monthly mortgage payment on a median-priced home for-sale is roughly $150 higher than it was a year ago with $25 of the increase owed to higher rates and $125 owed to higher home prices,” said Danielle Hale, chief economist for Realtor.com.

The 15-year fixed-rate mortgage, meanwhile, rose 13 basis points

Read More At:  Article Source