Mortgage rates continue to inch up, applications fall
sommart
Mortgage rates continued to inch up, dragging mortgage applications down, according to the latest Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.79% as of November 7, up from 6.72% last week and down from 7.50% in the year-ago week.
15-year fixed-rate mortgages averaged 6.0%, compared to 5.99% in the prior week and 6.81% a year ago.
"It is clear purchase demand is very sensitive to mortgage rates in the current market environment," said Sam Khater, Freddie Mac's chief economist.
"As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent," added Khater.
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