Mortgage rates approaching 7% mark again, purchase demand in doldrums
J Studios
Mortgage rates are approaching the 7% mark again as the purchase demand remained in the doldrums, according to this week's Freddie Mac Primary Mortgage Survey.
30-year fixed-rate mortgages averaged 6.84% as of November 21, compared to last week when it averaged 6.78% and 7.29% in the year-ago week.
15-year fixed-rate mortgages averaged 6.02%, up from 5.99% last week and down from 6.67% a year ago.
"Mortgage rates ticked back up this week, continuing to approach 7 percent," said Freddie Mac's chief economist, Sam Khater.
"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," added Khater.
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