Mortgage rates rise back above 7%

The 30-year fixed-rate mortgage averaged 7.08% in the week ending November 10, up from 6.95% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 2.98%.

Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve's unprecedented campaign of hiking interest rates in order to tame soaring inflation.

Last week, the Fed announced it would raise interest rates by another 75 basis points, the sixth rate increase this year and the fourth-consecutive hike of that size. While the Labor Department announced Thursday that consumer prices rose in October by 7.7% from a year ago, less than expected, the Fed still has far to go in its effort to tame inflation.

"The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve," said Sam Khater, Freddie Mac's chief economist. "Home sales have declined significantly and, as we approach year-end, they are not expected to improve."

This is a developing story and will be updated.

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