Mortgage Rates Up for Sixth Straight Week

Mortgage rates were up for the sixth consecutive week, according to the Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).

The 30-year fixed-rate mortgage averaged 6.79% as of Nov. 7, up from last week when it averaged 6.72%. A year ago at this time, it averaged 7.50%.

The 15-year fixed-rate mortgage averaged 6.0%, up from last week when it averaged 5.99%. A year ago at this time, it averaged 6.81%.

Sam Khater, Freddie Mac’s chief economist, observed, “It is clear purchase demand is very sensitive to mortgage rates in the current market environment. As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10%.”