Mortgage Rates Increase Ahead of the HolidaysBy RISMedia Staff
Mortgage rates reversed course this week after several weeks of declines, but continue to make small moves around the mid- to upper sixes.
This week the 30-year fixed-rate mortgage (FRM) averaged 6.72%, up from last week’s average of 6.60%, according to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday. “This week, mortgage rates crept up to a similar average as this time in 2023,” said Sam Khater, Freddie Mac’s chief economist. “For the most part, mortgage rates have moved between 6 and 7% over the last 12 months. Homebuyers are slowly digesting these higher rates and are gradually willing to move forward with buying a home, resulting in additional purchase activity.” This week’s numbers:
Jones added, “At the national level, we expect that buyers will enjoy a balanced housing market in 2025 for the first time in nearly a decade. Though the market is expected to be the most buyer-friendly since 2016, it will not cross into buyer’s-market territory, meaning sellers will also be in a good position next year.” |
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