Mortgage Rates Continue to Increase

Rhea-AI Summary

Freddie Mac's Primary Mortgage Market Survey® (PMMS®) shows the 30-year fixed-rate mortgage (FRM) averaged 6.44%, marking the third consecutive week of increase. This rate is up from 6.32% last week but significantly lower than the 7.63% recorded a year ago. The 15-year FRM averaged 5.63%, up from 5.41% last week and down from 6.92% a year ago.

Sam Khater, Freddie Mac's Chief Economist, notes that higher rates generally reflect economic strength, which supports the housing market. He advises potential homebuyers to shop around for the best mortgage rates, as they can vary widely between lenders. The PMMS® focuses on conventional, conforming home purchase loans for borrowers with 20% down payment and excellent credit.

Positive

• 30-year fixed-rate mortgage is more than one percentage point lower compared to a year ago (6.44% vs 7.63%)
• 15-year fixed-rate mortgage is significantly lower than a year ago (5.63% vs 6.92%)
• Higher rates reflect overall economic strength, which is supportive of the housing market

Negative

• 30-year fixed-rate mortgage increased for the third consecutive week, reaching 6.44%
• 15-year fixed-rate mortgage increased to 5.63% from 5.41% last week

MCLEAN, Va., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey^® (PMMS^®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.44 percent.

“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.”

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.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube

MEDIA CONTACT:
Angela Waugaman
(703)714-0644
Angela_Waugaman@FreddieMac.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c0b88be-40a6-4f31-8bc9-41be51faecc3

FAQ

What is the current 30-year fixed-rate mortgage average according to Freddie Mac (FMCC)?

According to Freddie Mac's Primary Mortgage Market Survey® as of October 17, 2024, the 30-year fixed-rate mortgage averaged 6.44%.

How has the 30-year fixed-rate mortgage (FMCC) changed compared to last year?

The 30-year fixed-rate mortgage is more than one percentage point lower compared to a year ago, averaging 6.44% now versus 7.63% a year ago.

What is the current 15-year fixed-rate mortgage average reported by Freddie Mac (FMCC)?

As of October 17, 2024, Freddie Mac reports that the 15-year fixed-rate mortgage averaged 5.63%.

How does Freddie Mac's Chief Economist interpret the current mortgage rate trends for FMCC?

Sam Khater, Freddie Mac's Chief Economist, states that higher rates generally reflect economic strength, which is supportive of the housing market. He advises potential homebuyers to shop around for the best rates.