Mortgage Rates Inch Up Slightly

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Mortgage rates inched up slightly in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.26% as of Nov. 20, up from last week when it averaged 6.24%. A year ago at this time, it averaged 6.84%.

The 15-year fixed-rate mortgage averaged 5.54%, up from last week when it averaged 5.49%. A year ago at this time, it averaged 6.02%.

“Mortgage rates have been shifting within a narrow 10-basis point range over the last month. This rate stability is a positive sign for both buyers and sellers, as it helps provide greater certainty in the housing market,” said Sam Khater, Freddie Mac’s chief economist.