Mortgage Rates Increase for the Fifth Consecutive Week
“Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August,” said Sam Khater, Freddie Mac’s Chief Economist. “With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we expect mortgage rates to remain volatile. Although uncertainty will remain, mortgage rates appear to be cresting, and we do not expect them to reach the highs we saw earlier this year.”
News Facts
- As of October 31, 2024, the 30-year FRM averaged 6.72 percent, up from 6.54 percent last week and 7.76 percent a year ago.
- The 15-year FRM averaged 5.99 percent, up from last week when it averaged 5.71 percent. A year ago at this time, the 15-year FRM averaged 7.03 percent.
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