Many Prospective Buyers Are Waiting for the Volatility in Mortgage Rates To Subside’: Mortgage Rates Hit 7.08 percent MABA Massachusetts RealEstate FirstTimeHomeBuyers

The numbers:

 The housing sector continues to face headwinds. The thirty year fixed-rate mortgage averaged seven point eight percent as of Nov 10, 2022 according to data released by Freddie Mac on Thursday. The thirty year was last at this level in mid-2002.

 That’s up thirteen basis points from the previous week one basis point is equal to one hundredth of a percentage point, or one percent of one percent. Last week, the thirty year was at six point ninety five percent. Last year, the thirty year was averaging at two point ninety eight percent The average rate on the fifteen year mortgage rose to six point thirty eight percent.

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