M
ortgage rates have reached their highest level since August, but experts believe the increase may be temporary. With several key events on the horizon, including a jobs report and a Federal Reserve interest rate decision, mortgage rates are expected to remain volatile.

    According to Freddie Mac, 30-year mortgage rates averaged 6.72% this week, marking the fifth consecutive week of increases. This means that for a $400,000 home with a 20% down payment, monthly mortgage payments would be around $2,069. With a 10% down payment, payments would be even higher at $2,328.

    Experts predict that after next week's election and the Fed's meeting, mortgage rates will likely drop back into the mid-6% range. However, until then, many home buyers may take a pause as attention turns to the election, waiting for interest rates to settle before making a move. This pause could create build-up demand in the market.

    National averages show that 30-year fixed-rate mortgages averaged 6.72%, up from last week's average of 6.54%. A year ago, 30-year rates averaged 7.76%. Fifteen-year fixed-rate mortgages also rose to 5.99% this week, increasing from last week's average of 5.71%.