Mortgage rates continued their upward climb this week, nearing 7 percent and further cooling homebuyer demand, according to Freddie Mac.
The average rate on a 30-year fixed-rate mortgage edged up to 6.79 percent this week, Freddie Mac reported on Nov. 7. That’s a rise from 6.72 percent the previous week and above the four-week average of 6.62 percent, as tracked by Freddie Mac’s Primary Mortgage Market Survey (PMMS). Meanwhile, the 15-year fixed-rate mortgage averaged 6 percent, slightly up from last week’s 5.99 percent.
