Mortgage rates reach the highest level since August, trajectory to remain volatile

seekingalpha2024-10-31

phakphum patjangkata

Mortgage rates reached their highest level since August, and the trajectory is expected to remain volatile, said the latest Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.72% as of October 31, compared to 6.54% last week and 7.76% in the year-ago period.

15-year fixed-rate mortgages averaged 5.99%, up from 5.71% in the prior week and down from 7.03% a year ago.

"Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August," said Sam Khater, Freddie Mac's chief economist.

"With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile," added Khater.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment