Freddie Mac reported that the average 30-year, fixed-rate mortgage loan increased to 6.79 percent for the week ending November 7, 2024, up from 6.72 percent the week before.
Mortgage interest rates have risen for six consecutive weeks.
Although higher than the previous week, the current rate is nearly one percentage point lower than the 7.50 percent seen a year ago.
The 15-year, fixed-rate mortgage reached 6 percent, up slightly from 5.99 percent the prior week but less than 6.81 percent a year ago. The 15-year note is popular with homeowners who want to refinance.
Freddie Mac’s Chief Economist, Sam Khater, noted that rising rates have impacted home purchase demand. As rates climbed, mortgage applications dropped 10 percent over the past month.
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