The latest verified national benchmark available around October 7, 2024, showed mortgage rates rising: Freddie Mac’s weekly survey, released October 3, put the 30-year fixed rate at 6.12% and the 15-year fixed rate at 5.25%. Those were weekly averages, not October 7 daily lender quotes or personalized offers.
What were mortgage rates around October 7, 2024?
Freddie Mac’s Primary Mortgage Market Survey reported these national averages for the week ending October 3, 2024:
| Mortgage term | Week ending October 3, 2024 | Prior week | Week-over-week change |
|---|---|---|---|
| 30-year fixed | 6.12% | 6.08% | Up 0.04 percentage points (4 basis points) |
| 15-year fixed | 5.25% | 5.16% | Up 0.09 percentage points (9 basis points) |
Both averages rose from the prior week, supporting the description “rates move up.” Freddie Mac also reported that a year earlier the averages were 7.49% for a 30-year fixed mortgage and 6.78% for a 15-year fixed mortgage. These are historical weekly comparisons, not current rate guidance. Freddie Mac’s October 3, 2024 release gives the figures and survey details.
Were these the exact rates available on October 7?
No daily lender quote for October 7 is established here. Freddie Mac’s figure is a weekly survey average for the week ending October 3; it should not be presented as a specific October 7 offer. Individual lenders may quote different rates, and a borrower’s offer depends on the loan and borrower details. The survey does not establish a personalized rate.
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- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
Freddie Mac says its survey focuses on conventional, conforming, fully amortizing home-purchase loans for borrowers with 20% down and excellent credit. Borrowers with different credit, down payments, loan types, or other terms may see different pricing. A Yahoo-syndicated October 7 story suggested daily rates had climbed after the October 4 jobs report, but its rate table could not be verified; no daily quote values are included here.
Why did rates turn higher?
Freddie Mac Chief Economist Sam Khater said the decline had stalled amid geopolitical tensions and a rebound in short-term rates, suggesting market enthusiasm about rate cuts may have been premature. He described market context, not proof that one factor alone determined every lender’s pricing. The National Association of REALTORS® also characterized the rise as a small reversal after several weeks of declines. NAR’s October 3 coverage provides that contemporaneous context.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
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- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.“The decline in mortgage rates has stalled due to a mix of escalating geopolitical tensions and a rebound in short-term rates that indicate the market’s enthusiasm on rate cuts was premature.”
Sam Khater, Freddie Mac Chief Economist, October 3, 2024
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Calculated Industries 3405 Real Estate Master IIIx Residential Real Estate Finance Calculator | Clearly-Labeled Function Keys | Simplest Operation | Solves Payments, Amortizations, ARMs, Combos, More
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How to use the 30-year and 15-year averages
The averages show direction and provide a broad historical reference point; they do not determine which mortgage is right for an individual household. The term changes the repayment timeline, monthly payment, and total interest over the life of the loan. A shorter term generally means paying principal over less time, while the payment and total cost depend on the loan amount, rate, fees, and other terms. Without those details, a payment comparison would be misleading.
When comparing actual offers, request quotes using the same assumptions so the differences are meaningful:
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
- Loan amount and down payment
- Mortgage term and loan type
- Discount points and lender fees
- Annual percentage rate (APR), as well as the interest rate
- Rate-lock period and the same borrower details
Compare the written loan estimates rather than assuming a national average is an offer. The figures above can anchor a discussion, but only lender quotes based on your circumstances can show the terms available to you.
Quick Recap
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- Extra large 12-digit angled display.
- Loan Wizard.
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- Selectable decimal setting.
- Input any three loan variables to compute the fourth.
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