The average fixed rate on a 30-year mortgage rose for the fifth consecutive week, inching closer to 7 percent.
For the week ending Oct. 31, the average 30-year fixed-rate mortgage rose 18 basis points to 6.72 percent, the highest since the beginning of August, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
This is still down more than 1 percent from the same time a year ago.
Likewise, the 15-year fixed-rate mortgage advanced 28 basis points to a near-three-month high of 5.99 percent, though it is also down 1 percent from last year.
Mortgage market volatility is still ahead, says Sam Khater, the chief economist at Freddie Mac….