Mortgage Rates Surge
“Following the release of a stronger-than-expected September jobs report, the 30-year fixed rate mortgage saw the largest one-week increase since April,” said Sam Khater, Freddie Mac’s Chief Economist. “However, we should remember that the rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year. Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the housing market’s recovery.”
News Facts
- As of October 10, 2024, the 30-year FRM averaged 6.32 percent, up from 6.12 percent last week and 7.57 percent a year ago.
- The 15-year FRM averaged 5.41 percent, up from last week when it averaged 5.25 percent. A year ago, the 15-year FRM averaged 6.89 percent.
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