Mortgage Rates Increase for the Fifth Consecutive Week

Rhea-AI Summary

Freddie Mac's latest Primary Mortgage Market Survey® shows mortgage rates have increased for the fifth consecutive week, with the 30-year fixed-rate mortgage averaging 6.72%, up from 6.54% last week and down from 7.76% a year ago. The 15-year fixed-rate mortgage averaged 5.99%, increasing from 5.71% last week and lower than 7.03% from the previous year. Chief Economist Sam Khater notes that rates have reached their highest level since August 2024 and expects continued volatility due to upcoming events including the jobs report, 2024 election, and Federal Reserve decision.

Positive

• 30-year FRM rates (6.72%) are significantly lower compared to last year (7.76%)
• 15-year FRM rates (5.99%) show substantial decrease from previous year (7.03%)

Negative

• Mortgage rates increased for fifth consecutive week
• 30-year FRM increased to 6.72% from 6.54% last week
• 15-year FRM rose to 5.99% from 5.71% last week
• Expected continued rate volatility due to multiple economic events

MCLEAN, Va., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today 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.”

News Facts

• 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. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99b1a671-9ac3-4dff-b69e-b6cf87bdb78f

FAQ

What is the current 30-year fixed-rate mortgage rate for Freddie Mac (FMCC)?

As of October 31, 2024, Freddie Mac's PMMS shows the 30-year fixed-rate mortgage averaged 6.72%, up from 6.54% the previous week.

How much has the 15-year fixed-rate mortgage (FMCC) changed compared to last year?

The 15-year fixed-rate mortgage averaged 5.99%, which is significantly lower than the 7.03% rate from a year ago.

Why are Freddie Mac (FMCC) mortgage rates expected to remain volatile?

Rates are expected to remain volatile due to several upcoming events including the jobs report, the 2024 election, and the Federal Reserve interest rate decision.