Rates spike for third straight week, home buyers grow cautious
Based on Freddie Mac’s latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 6.44 percent as of October 17, 2024.
Sam Khater
“The 30-year fixed-rate mortgage increased for the third consecutive week, moving closer to 6.5%,” said Sam Khater, Freddie Mac’s Chief Economist. “In general, higher rates reflect the strength in the economy that is supportive of the housing market. But notably, as compared to a year ago, rates are more than one percentage point lower and potential homebuyers can stand to benefit, especially by shopping around for the best quote as rates can vary widely between mortgage lenders.”
Freddie Mac News Facts:
- The 30-year FRM averaged 6.44 percent as of October 17, 2024, up from last week when it averaged 6.32 percent. A year ago at this time, the 30-year FRM averaged 7.63 percent.
- The 15-year FRM averaged 5.63 percent, up from last week when it averaged 5.41 percent. A year ago at this time, the 15-year FRM averaged 6.92 percent.
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