The average 30-year fixed-rate mortgage was 7.5% for the week ending Nov. 9, according to Freddie Mac's latest Primary Mortgage Market Survey.
Mortgage rates dipped for the second week straight, breathing some life into the housing market, according to Freddie Mac. The average 30-year fixed-rate mortgage was 7.5% for the week ending Nov. 9, according to Freddie Mac's latest Primary Mortgage Market Survey. That's a decrease from the previous week when it averaged 7.76%. A year ago, the 30-year fixed-rate mortgage averaged 7.08%. The average rate for a 15-year mortgage was 6.81%, down from 7.03% last week and up from 6.
The median listing price in October 2023 stood at the same level as last year, but elevated mortgage rates have driven up the cost of financing a typical home for sale. Homebuyers paid over $166 a month, representing a 7.4% rise compared to the previous year, according to Realtor.com's October 2023 estimates. Higher mortgage rates have also raised the required annual household income for purchasing a median-priced home by $6,600, reaching a total of $120,000.
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