Mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.22% as of Nov. 6, up from last week when it averaged 6.17%. A year ago at this time, it averaged 6.79%.
The 15-year fixed-rate mortgage averaged 5.50%, up from last week when it averaged 5.41%. A year ago at this time, it averaged 6.00%.
Sam Khater, Freddie Mac’s chief economist, tried to put a positive spin on the bump-up in rates by noting, “On a median-priced home, this could allow a homebuyer to save thousands annually compared to earlier this year, showing that affordability is slowly improving.”
