US Mortgage Rates Resume Upward Trek in the Week Ending November 21st
Mortgage Rates Tick Up
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, November 21st.
The 30-year fixed-rate mortgage averaged 6.84%, up from last week when it averaged 6.78%. A year ago at this time, the 30-year rate averaged 7.29%.
The 15-year fixed-rate mortgage averaged 6.02%, up from last week when it averaged 5.99%. A year ago at this time, the 15-year rate averaged 6.67%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates ticked back up this week, continuing to approach 7%. Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.”
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