Mortgage rates continued to climb this week, reaching 6.79 percent. Purchase demand is highly sensitive to rate changes in the current market. As soon as rates began to rise in early October, purchase applications declined, dropping 10 percent over the past month.
According to Freddie Mac, this week, the 30-year fixed-rate increased by 0.07 basis points, bringing the U.S. weekly average to 6.79%. One year ago, the rate was 7.50%.
Federal Reserve Cut
With the upcoming Federal Reserve rate cut, mortgage rates could ease over the coming months. However, the impact may not be immediate, as lenders consider multiple factors when offering mortgage rates.
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