Mortgage rates have risen again, with the average rate for a 30-year fixed-rate mortgage (FRM) reaching 6.79% as of November 7, 2024, up from last week's 6.72%, according to Freddie Mac.
A year ago, this rate was higher, averaging 7.50%. Similarly, the 15-year FRM has increased slightly to 6.0% from 5.99% the previous week, though it remains below last year's average of 6.81%.
Sam Khater, Freddie Mac's Chief Economist, noted that demand for home purchases is particularly sensitive to mortgage rate fluctuations.
As rates began to rise in early October, purchase applications fell significantly, showing a 10% decline over the past month.
This rate increase underscores the challenges for buyers in today’s housing market, where affordability is impacted by high borrowing costs.
Source:
Nasdaq Image:
The World Property Journal
