Mortgage and Refinance Rates Reach Three-Month Highs

Despite cooling inflation, mortgage rates continue to climb, with expectations of further Federal Reserve rate cuts in November.

Average 30-year mortgage rates have risen to 6.80% for purchases and 6.77% for refinances, marking a significant increase over the past week.
Freddie Mac reports a 6.54% average for 30-year fixed-rate mortgages, up from 6.44% the previous week.
Rates for 15-year mortgages have also climbed, with averages now at 6.07% for purchases and 6.08% for refinances.
Jumbo 30-year mortgage rates have reached 6.82%, continuing an upward trend observed since mid-September.
Traders predict a 95% chance that the Federal Reserve will reduce rates by a quarter point in its upcoming November meeting.