Mortgage Rates Continue to Rise but Still Lower than Last Year

“Mortgage rates continued to inch up this week, reaching 6.79 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent.”

News Facts

• The 30-year FRM averaged 6.79 percent as of November 7, 2024, up from last week when it averaged 6.72 percent. A year ago at this time, the 30-year FRM averaged 7.50 percent.
• The 15-year FRM averaged 6.0 percent, up from last week when it averaged 5.99 percent. A year ago at this time, the 15-year FRM averaged 6.81 percent.

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