Mortgage rates were on the rise once more in the new Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.54% as of Oct. 24, up from last week when it averaged 6.44%. A year ago at this time, it averaged 7.79%.
The 15-year fixed-rate mortgage averaged 5.71%, up from last week when it averaged 5.63%. A year ago at this time, it averaged 7.03%.
“The continued strength in the economy drove mortgage rates higher once again this week,” said Freddie Mac Chief Economist Sam Khater. “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.”
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