Mortgage rates continued to rise this week, with the average rate for a 30-year, fixed-rate mortgage increasing to 6.84%, up from 6.78% 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 7.29%.
“Mortgage rates ticked back up this week, continuing to approach 7 percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “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.”
The average rate for a 15-year fixed-rate mortgage was 6.02%, up from 5.99% last week but down from 6.67% a year ago.
Yesterday, the Mortgage Bankers Association reported that mortgage application volume edged up 1.7% on an adjusted basis during the week ended November 15, despite mortgage rates moving higher.
Photo: David Kristianto