Freddie Mac reported a rise in the 30-year fixed-rate mortgage (FRM) to 6.54% as of October 24, up from 6.44% the previous week. This reflects the ongoing strength of the economy, which continues to drive rates higher. According to Freddie Mac’s Chief Economist Sam Khater, economic data has consistently outperformed expectations, creating volatility in mortgage rates despite economic growth.
The 30-year FRM is still lower than last year’s average of 7.79% during the same period. Meanwhile, the 15-year FRM also rose, averaging 5.71%, up from 5.63% last week, but still below last year’s rate of 7.03%.
