Mortgage rates are continuing their hover in the upper sixes. The 30-year fixed-rate mortgage (FRM) ticked back up this week from last week’s 6.78% to an average of 6.84% this week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac, released Thursday.
“Mortgage rates ticked back up this week, continuing to approach 7%,” said Sam Khater, Freddie Mac’s chief economist. “Heading into the holidays, purchase demand remains in the doldrums. While for-sale inventory is increasing modestly, the elevated interest rate environment has caused new construction to soften.”
This week’s numbers:
- The 30-year FRM averaged 6.84% as of November 21, 2024, up from last week when it averaged 6.78%. A year ago at this time, the 30-year FRM averaged 7.29%.
- The 15-year FRM averaged 6.02%, up from last week when it averaged 5.99%. A year ago at this time, the 15-year FRM averaged 6.67%.
“Mortgage rates reached the high-6% range in late October, and have remained elevated since, much to the disappointment of buyers hoping to find some relief in the late-fall housing market,” said Realtor.com Senior Economic Research Analyst Hannah Jones. “Last week’s inflation report showed a modest uptick in price growth, which could mean a pause in rate cuts in December, especially in light of market uncertainty and Trump’s return to office early next year.
“The incoming presidency could also influence buyer sentiment in the coming months,” Jones said noting that a recent survey from Realtor.com found that 1 in 5 Republicans are more likely to consider buying a home due to the outcome of the election, while 1 in 4 Democrats are less likely.
To read the full Freddie Mac report, click here.
