Mortgage Rates Hold Steady After Climbing for 6 Weeks

Mortgage rates held steady in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.78% as of Nov. 14, down from last week when it averaged 6.79%. A year ago at this time, it averaged 7.44%.

The 15-year fixed-rate mortgage averaged 5.99%, down from last week when it averaged 6.0%. A year ago at this time, it averaged 6.76%.

“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” said Sam Khater, Freddie Mac’s chief economist. “Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades.”