Mortgage Rates Continue To Rise

(RTTNews) - Mortgage rates, or interest rates on home loans, continue to rise driven by "strength in the economy," according to mortgage provider Freddie Mac (FMCC.OB).

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 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.