Weekly Real Estate News
Mortgage rates were on the rise again in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.84% as of Nov. 21, up from last week when it averaged 6.78%. A year ago at this time, it averaged 7.29%.
The 15-year fixed-rate mortgage averaged 6.02%, up from last week when it averaged 5.99%. A year ago at this time, it average 6.67%.
“Mortgage rates ticked back up this week, continuing to approach 7%,” said Sam Khater, Freddie Mac’s chief economist. “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.”
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