30-Year Mortgage Rate Edges Toward 7 Percent: Freddie Mac

Rising Treasury yields are sending mortgage rates to summertime highs.

A townhouse is for sale in Elkridge, Md., on Sept. 27, 2024. Madalina Vasiliu/The Epoch Times

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).