October 2024 Mortgage Rate Update
Walas Group,
- According to the latest survey by Freddie Mac, mortgage rates saw a slight bump during the final days of September—with the 30-year fixed mortgage rate at 6.12% compared to 6.08% the previous week. The 15-year fixed mortgage rate is 5.25%, up from the previous week’s 5.16%.
- Both the 30-year and 15-year mortgage rates are substantially lower than where they were in 2023, though: 7.49% (30-year fixed mortgage rate) and 6.78% (15-year fixed mortgage rate).
- Unsurprisingly, as rates climbed slightly, applications slowed. Mortgage applications dropped 1.3% during the week of September 27, a reversal of previously high application increases.
- Mortgage News Daily, in tracking result trends, notes “consistently higher” mortgage rates since the Federal Reserve cut interest rates in September. It remains to be seen how long this trend will last.
- “The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature,” said Freddie Mac Chief Economist Sam Khater, who projects continued improvement for homebuyers through the end of the year. “Zooming out to the bigger picture, mortgage rates have declined 1.5% over the last 12 months, home price growth is slowing, inventory is increasing and incomes continue to rise.”
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