Mortgage rates, specifically the interest rates applied to home loans, are on an upward trajectory, as reported by mortgage provider Freddie Mac.
As of November 7, 2024, the average for a 30-year Fixed-Rate Mortgage (FRM) has increased to 6.79 percent, a rise from last week's average of 6.72 percent. This is a notable change from the same period last year, when the 30-year FRM averaged 7.50 percent.
Similarly, the 15-year FRM has seen a slight increase, averaging at 6.0 percent, up marginally from 5.99 percent the previous week. In contrast, a year ago, this rate stood at 6.81 percent.
Sam Khater, Freddie Mac's Chief Economist, commented on the trend, stating, "Mortgage rates have continued their gradual climb, now reaching 6.79 percent. It's evident that current purchase demand is highly reactive to shifts in mortgage rates. With the rise in rates that began in early October, purchase applications experienced a 10 percent decline over the past month."
