Mortgage rates continued their upward climb in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.72% as of Oct. 31, up from last week when it averaged 6.54%. A year ago at this time, it averaged 7.76%.
The 15-year fixed-rate mortgage averaged 5.99%, up from last week when it averaged 5.71%.A year ago at this time, it averaged 7.03%.
“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.”
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