U.S. Mortgage Rates Rise to 6.79%, Highest Since July 2024, Up from 6.72%, Impacting Purchase Demand

Nov 7, 2024, 05:01 PM

U.S. mortgage rates have increased for the sixth consecutive week, with the average contract interest rate for 30-year fixed-rate mortgages rising to 6.79% from 6.72% the previous week. This marks the highest level since July 2024. According to data from the Mortgage Bankers Association (MBA) for the week ending November 1, the average rate was reported at 6.81%, while Freddie Mac's latest report confirms the rate at 6.79%. Chief Economist Sam Khater noted that the rising rates are significantly impacting purchase demand, indicating that the market remains sensitive to fluctuations in mortgage rates.