US Mortgage Rates Trend Higher for the Sixth Consecutive Week
Mortgage Rates Continue to Rise
Freddie Mac has released its Primary Mortgage Market Survey® for the week ending Thursday, November 7th.
The 30-year fixed-rate mortgage averaged 6.79%, up from last week when it averaged 6.72%. A year ago at this time, the 30-year rate averaged 7.50%.
The 15-year fixed-rate mortgage averaged 6.00%, up from last week when it averaged 5.99%. A year ago at this time, the 15-year rate averaged 6.81%.
Commenting on the results of this week’s survey, Freddie Mac Chief Economist Sam Khater said:
“Mortgage rates continued to inch up this week, reaching 6.79%. It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10%.”
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