Massachusetts Home Buyer Guide

The 30-year, fixed-rate mortgage loan has risen for four consecutive weeks after reaching its lowest level in two years about four weeks ago, according to Freddie Mac's Primary Mortgage Market Survey.

The 30-year note averaged 6.54 percent in the United States for the week ending October 24, 2024, up from 6.44 percent the prior week. Rates were at 6.08 percent for the week ending September 26, 2024. The 30-year loan averaged 7.79 percent during the same week last year.

"The continued strength in the economy drove mortgage rates higher once again this week," Freddie Mac chief economist Sam Khater said. "Over the last few years, there has been a tension between a downbeat economic narrative and incoming economic data stronger than that narrative. [The tension] has led to higher-than-normal volatility in mortgage rates, despite a strengthening economy."

The 15-year, fixed-rate mortgage – a popular refinancing option – averaged 5.71 percent. The 15-year note averaged 5.63 the previous week and 7.03 percent last year.

Freddie Mac's weekly survey focuses on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. A variety of factors determine the overall cost of borrowing.  

Free Home Buyer Webinar on Monday, October 28, 2024.

Home buying has changed since August 17, 2024. At Buyers Brokers Only, LLC's free virtual home buyer webinar, you can learn about buyer agency agreements, buyer agent commissions, negotiating your agent's fee in the offer, and the basics of buying a home.

Rich Rosa, Buyers Brokers Only co-founder, is an experienced and full-time exclusive buyer agent. He has dedicated his 19-year real estate career to protecting home buyers, serving as the National Association of Exclusive Buyer Agents president from 2022 through 2023. He has been a licensed lawyer for nearly 29 years.

Registration is required.

The 90-minute virtual class is free, but the space is limited to 25 registrants.