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Mortgage Rates Inch Closer To 7%

  • November 7th 2024

by UrbanTurf Staff

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Long-term mortgage rates continued to get closer to 7% on Thursday. 

Today, Freddie Mac reported 6.79% as the average on a 30-year mortgage, up 7 basis points from last week. Over the last month, long-term rates have risen nearly 50 basis points, sidelining homebuyers once again.

“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.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

See other articles related to: mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_rates_inch_closer_to_7/22905.

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