Mortgage rates inched up slightly this week, with the average rate for a 30-year fixed-rate mortgage at 6.24%, up from 6.22% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.78%.
“Rates for the 30-year and the 15-year fixed-rate mortgage essentially remained flat this week, but we did see purchase activity increase, which is encouraging,” says Sam Khater, chief economist for Freddie Mac, in a statement.
The average rate for a 15-year fixed-rate mortgage was 5.49%, down from 5.50% last week and down from 5.99% a year ago.
Samir Dedhia, CEO of One Real Mortgage, says the recent rate fluctuations are modest and “reflect a broader pattern we’ve seen recently with rates hovering in a relatively tight range after months of more dramatic swings.”
“Interestingly, even with rates mostly holding steady, purchase activity is on the rise, which shows growing consumer confidence,” Dedhia says. “We’ve seen this rhythm before: rates fall in anticipation of a Fed cut, rise slightly following the announcement due to cautious messaging, and then stabilize or trend down again as economic data unfolds. With only one Fed meeting left in 2025 and no guarantee of another cut in December, markets are watching inflation and labor data closely, and that uncertainty continues to influence bond yields and mortgage pricing.”
“For consumers, the opportunity remains meaningful,” he adds. “We’re still well below the 7 percent territory we saw at the start of the year. Combined with improved housing inventory and more moderate price growth, this rate environment offers a real window for buyers and refinancers. As the Fed reiterated last month, future moves will be data-driven. So staying alert and being ready to move when the timing is right could make all the difference.”
Yesterday the Mortgage Bankers Association reported that mortgage application volume increased 0.6% during the week ended November 7, despite rates increasing slightly, with applications for purchases increasing 6% compared with the previous week and 31% higher than the same week one year ago.
Photo: Declan Sun