The 30-year fixed-rate mortgage (FRM) averaged 6.72 percent as of October 31, 2024, up from last week when it averaged 6.54 percent, according to the Primary Mortgage Market Survey® by Freddie Mac. A year ago at this time, the 30-year FRM averaged 7.76 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 15-year fixed-rate mortgage 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 mortgage rates for conventional, conforming, fully-amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. Borrowers may still pay closing costs which are not included in the survey.
