U.S Fixed 30-year & 15-year Mortgage Rates Climbed Higher– in the Week Ending 10th October 2024
Mortgage Rates Surge
Freddie Mac has released its Primary Mortgage Market Survey® (PMMS) for the week ending Thursday, October 10, 2024.
The PMMS reports that the 30-year fixed-rate mortgage averaged 6.32%, up from last week when it averaged 6.12%. A year ago, at this time, the 30-year FRM averaged 7.57%.
The 15-year fixed-mortgage rate averaged 5.41%, up from last week when it averaged 5.25%. A year ago, at this time, the 15-year FRM averaged 6.89%.
Providing additional background to this week’s PMMS, Sam Khater, Freddie Mac’s Chief Economist said, “Following the release of a stronger-than-expected September jobs report, the 30-year fixed rate mortgage saw the largest one-week increase since April. However, we should remember that the rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year. Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.”
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