Mortgage rates climb again, hurting demand further

Published On Nov 7, 2024, 12:02 PM

Mortgage rates have increased for the sixth consecutive week with the average rate on a 30-year fixed mortgage rising to 6.79%, compared to 6.72% the previous week. This trend has led to a decline in purchase applications, which dropped by 10% in the past month as potential buyers and sellers refrain from entering the market, hoping for lower rates. Currently, around 80% of mortgage holders are locked into rates below 5%.