Mortgage Rates Increase for Fifth Week in a Row

Freddie Mac (OTCQB: FMCC) today (10/31/2024) released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.72 percent.

“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 can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and we do not expect them to reach the highs that we saw earlier this year.”

• The 30-year FRM averaged 6.72 percent as of October 31, 2024, up from last week when it averaged 6.54 percent. A year ago at this time, the 30-year FRM averaged 7.76 percent.
• 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.

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