US Mortgage Rates Move Higher for the Fourth Consecutive Week
Mortgage Rates Increase Once Again
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, October 24th.
The 30-year fixed-rate mortgage averaged 6.54%, up from last week when it averaged 6.44%. A year ago at this time, the 30-year rate 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, the 15-year rate averaged 7.03%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“The continued strength in the economy drove mortgage rates higher once again this week. 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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