Mortgage rates continued their upward climb this week, nearing 7 percent and further cooling homebuyer demand, according to Freddie Mac.
The average rate on a 30-year fixed-rate mortgage edged up to 6.79 percent this week, Freddie Mac reported on Nov. 7. That’s a rise from 6.72 percent the previous week and above the four-week average of 6.62 percent, as tracked by Freddie Mac’s Primary Mortgage Market Survey (PMMS). Meanwhile, the 15-year fixed-rate mortgage averaged 6 percent, slightly up from last week’s 5.99 percent.
The steady increase in rates has significantly dampened buyer interest. Freddie Mac and the Mortgage Bankers Association (MBA) both highlighted this trend, with the MBA reporting a 5 percent drop in home-purchase applications last week and a sharper 10.8 percent decline in total mortgage applications….