Mortgage Rates Increase Once Again

Rhea-AI Summary

Freddie Mac's latest Primary Mortgage Market Survey® shows mortgage rates have increased, with the 30-year fixed-rate mortgage averaging 6.54%, up from 6.44% last week but down from 7.79% a year ago. The 15-year fixed-rate mortgage averaged 5.71%, increasing from last week's 5.63% but lower than the previous year's 7.03%. According to Chief Economist Sam Khater, the rate increase is attributed to continued economic strength, noting that tension between downbeat economic narratives and stronger-than-expected economic data has led to higher-than-normal mortgage rate volatility.

Positive

• 30-year FRM rates significantly lower compared to last year (6.54% vs 7.79%)
• 15-year FRM rates decreased year-over-year (5.71% vs 7.03%)
• Strong economic performance reported

Negative

• 30-year FRM rates increased week-over-week (6.54% vs 6.44%)
• 15-year FRM rates rose from previous week (5.71% vs 5.63%)
• Higher-than-normal mortgage rate volatility persists

MCLEAN, Va., Oct. 24, 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 6.54 percent.

“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,” said Sam Khater, Freddie Mac’s Chief Economist.

News Facts

• The 30-year FRM averaged 6.54 percent as of October 24, 2024, up from last week when it averaged 6.44 percent. A year ago at this time, the 30-year FRM averaged 7.79 percent.
• The 15-year FRM averaged 5.71 percent, up from last week when it averaged 5.63 percent. A year ago at this time, the 15-year FRM averaged 7.03 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/6b866dce-9610-438f-8ce2-c432e87c554b

FAQ

What is Freddie Mac's (FMCC) current 30-year fixed mortgage rate as of October 24, 2024?

The 30-year fixed-rate mortgage averaged 6.54% as of October 24, 2024.

How much did Freddie Mac's (FMCC) 15-year fixed mortgage rate increase in October 2024?

The 15-year fixed-rate mortgage increased to 5.71% from 5.63% the previous week.

How do Freddie Mac's (FMCC) current mortgage rates compare to last year?

Current rates are significantly lower than last year, with 30-year FRM at 6.54% versus 7.79% and 15-year FRM at 5.71% versus 7.03%.

What caused the increase in Freddie Mac's (FMCC) mortgage rates in October 2024?

The increase was driven by continued strength in the economy and tension between downbeat economic narratives and stronger-than-expected economic data.