Mortgage rates rise for fifth straight week
Published On Oct 31, 2024, 12:13 PM
Mortgage rates have increased for the fifth consecutive week, with the average rate on a 30-year fixed mortgage climbing to 6.72%, up from 6.54% last week. This rise comes amid a sluggish housing market where demand is flat. Economists suggest that volatility in mortgage rates is expected due to potential market influences like economic reports, the upcoming election, and interest rate decisions by the Federal Reserve. However, it is believed that mortgage rates may have peaked and are unlikely to reach previous highs seen earlier in the year.