Freddie Mac said the 30-year mortgage rate averaged 7.24%
Freddie Mac said the average 30-year fixed mortgage rate was 7.24% in the week of Oct. 29, down from 7.32% a week earlier and up from 6.17% a year earlier. The 15-year average was 6.60%.
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The average 30-year fixed-rate mortgage was 7.24% as of Oct. 29, Freddie Mac said in its Primary Mortgage Market Survey. A week earlier the average was 7.32%. A year earlier it was 6.17%. The 15-year fixed-rate mortgage averaged 6.60%, down from 6.68% the week before and up from 5.41% a year earlier. The survey is a weekly average of a defined loan. It is not a rate a particular borrower will be offered, and it is not a suggestion to buy a house or to refinance.
Freddie Mac says the survey covers conventional, conforming, fully amortizing home-purchase loans for borrowers who put 20% down and have excellent credit. Sam Khater, the company’s chief economist, said the 30-year average declined again, reached its lowest level this month, and modestly boosted purchasing power for prospective buyers. “Lowest level this month” and the purchasing-power comment are his. The published comparison in the same release is the week-ago and year-ago averages above.
A lower survey average means the loans in that sample were cheaper to quote than they were a week earlier. It does not say what a monthly payment will be on a given house, and it does not say whether borrowing is a good idea. Those questions depend on the loan, the price, and the household, none of which this average contains.
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