Mortgage rates continue to climb, with Freddie Mac reporting the 30-year fixed-rate mortgage (FRM) now averaging 6.72%. This marks the fifth consecutive weekly rise and the highest level since early August, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS) released today.
The 30-year FRM rose from 6.54% the previous week and remains significantly lower than the 7.76% seen a year ago. The 15-year FRM also increased, reaching 5.99% from last week’s 5.71%, while last year it averaged 7.03%.
Freddie Mac’s Chief Economist, Sam Khater, noted that mortgage rate volatility could persist, with key events on the horizon, such as the upcoming jobs report, the Federal Reserve’s rate decision, and the 2024 election. However, Khater suggests mortgage rates may be peaking and are unlikely to reach the highs recorded earlier in the year.
