Mortgage rates reached their highest level since August, and the trajectory is expected to remain volatile, said the latest Freddie Mac Primary Mortgage Survey.

30-year fixed-rate mortgages averaged 6.72% as of October 31, compared to 6.54% last week and 7.76% in the year-ago period.

15-year fixed-rate mortgages averaged 5.99%, up from 5.71% in the prior week and down from 7.03% a year ago.

"Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August," said Sam Khater, Freddie Mac's chief economist.

"With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile," added Khater.