Following a steady rise leading up to election week, mortgage rates have largely stabilized, according to Freddie Mac’s latest survey.
- The average rate for a 30-year fixed mortgage inched down one basis point to 6.78% for the week ending November 14, a modest change but notable against last year’s rate of 7.44%.
- The 15-year fixed mortgage also saw a slight dip, averaging 5.99%, down from 6.76% a year ago.
What They’re Saying: “After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” noted Sam Khater, Freddie Mac’s Chief Economist. Freddie Mac’s research indicates that mortgage payments are elevated compared to rents on similar homes, making buying a tougher decision for many Americans.
Bonds: Muted mortgage rates comes amid a slow rise in the 10-year Treasury yield, which has increased by 10 basis points since election day.
Bottom Line: Mortgage rates continue to remain higher despite two Fed cuts.
