Mortgage Rates Increase

(RTTNews) - Mortgage rates, or interest rates on home loans, ticked back up this week, according to mortgage provider Freddie Mac (FMCC.OB).

The 30-year FRM averaged 6.84 percent as of November 21, 2024, up from last week when it averaged 6.78 percent. A year ago at this time, the 30-year FRM averaged 7.29 percent.

The 15-year FRM averaged 6.02 percent, up from last week when it averaged 5.99 percent. A year ago at this time, the 15-year FRM averaged 6.67 percent.

"Mortgage rates ticked back up this week, continuing to approach 7 percent," 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."