Mortgage rates, specifically the interest rates on home loans, increased slightly this week, as reported by mortgage provider Freddie Mac. The 30-year Fixed Rate Mortgage (FRM) averaged 6.84% as of November 21, 2024, rising from last week’s average of 6.78%. This time last year, the 30-year FRM averaged 7.29%. Meanwhile, the 15-year FRM reached an average of 6.02%, up from 5.99% last week. A year ago, it was at 6.67%.
Sam Khater, Freddie Mac's Chief Economist, commented, “Mortgage rates edged up again this week, nearing the 7% mark. As we approach the holiday season, demand for home purchases remains sluggish. Although the inventory of homes for sale is increasing slightly, the prevailing high interest rates have led to a slowdown in new construction.”
