The 30-year fixed-rate mortgage (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%, according to Freddie Mac.
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 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.”
