H
ome mortgage rates continued their upward trend for the third consecutive week, according to Freddie Mac's latest survey. As of October 17, 2024, the average rate for a 30-year fixed-rate mortgage (FRM) stood at 6.44 percent.

    Freddie Mac's Chief Economist Sam Khater noted that while higher rates reflect a strong economy and housing market, they are still lower than this time last year. "Rates have moved closer to 6.5%, but compared to a year ago, they're more than one percentage point lower," Khater said. This shift presents an opportunity for potential homebuyers to benefit from shopping around for the best mortgage quote.

    Freddie Mac's survey also showed that the 15-year FRM averaged 5.63 percent as of October 17, up from last week's average of 5.41 percent. A year ago at this time, the 30-year and 15-year FRMs averaged 7.63 percent and 6.92 percent, respectively.

    Key statistics:

    * The 30-year FRM averaged 6.44 percent as of October 17, up from last week's average of 6.32 percent.

    * A year ago at this time, the 30-year FRM averaged 7.63 percent.

    * The 15-year FRM averaged 5.63 percent, up from last week's average of 5.41 percent.

    * A year ago at this time, the 15-year FRM averaged 6.92 percent.