The average 30-year US mortgage rate stood at 7.24% at the end of October, according to Freddie Mac, as homebuyers weigh whether to wait for more Federal Reserve moves. The Fed held its benchmark rate at 3.75% to 4% on October 28, but two officials favoured a hike, and hotter October inflation has lifted market odds of a December increase to about 90%. The Fed does not set mortgage rates directly, though, and a fixed-rate loan stays unchanged once signed. On a $300,000, 30-year loan, monthly principal and interest is about $1,996 at 7%, $2,047 at 7.25% and $2,098 at 7.5%. That half-point gap adds roughly $102 a month and about $36,625 over the full term. Most owners do not keep a loan that long, however. A buyer who sells after five years would pay about $7,562 more. Rates have ranged from a record 18.63% in 1981 to a low of 2.65% in 2021.
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