Mortgage Rates Increase for Third Consecutive Week

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“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,” said Sam Khater, Freddie Mac’s chief economist.

Home Industry News

By RISMedia Staff

October 17, 2024

Reading Time: 2 mins read

Mortgage Rates Increase for Third Consecutive Week

Economists may see the ongoing steady job growth and strength of the economy as the backdrop for the recent, sharp reversal in mortgage rate decreases, but data shows homebuyers are holding out for lower rates just the same.

The 30-year-fixed-rate mortgage averaged 6.44% this week, up from last week’s average of 6.32% and marked the third-consecutive week of increases, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday.