Mortgager Rates Advance Again

Freddie Mac (OTCQB: FMCC) today (10/24/2024) released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.54 percent.

“The continued strength in the economy drove mortgage rates higher once again this week. Over the last few years, there has been a tension between downbeat economic narrative and incoming economic data stronger than that narrative. This has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy,” said Sam Khater, Freddie Mac’s Chief Economist.

• The 30-year FRM averaged 6.54 percent as of October 24, 2024, up from last week when it averaged 6.44 percent. A year ago at this time, the 30-year FRM averaged 7.79 percent.
• The 15-year FRM averaged 5.71 percent, up from last week when it averaged 5.63 percent. A year ago at this time, the 15-year FRM averaged 7.03 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit.