U.S. Mortgage Rates Continue to Surge in October

Based on Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 7.49 percent as of October 5, 2023.

Sam Khater

"Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed," said Sam Khater, Freddie Mac's Chief Economist. "Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve's next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand."

Freddie Mac News Facts

• 30-year fixed-rate mortgage averaged 7.49 percent as of October 5, 2023, up from last week when it averaged 7.31 percent. A year ago at this time, the 30-year FRM averaged 6.66 percent.
• 15-year fixed-rate mortgage averaged 6.78 percent, up from last week when it averaged 6.72 percent. A year ago at this time, the 15-year FRM averaged 5.90 percent.

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