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Mortgage Rates Rebound to Higher Than 7%

U.S. long-term mortgage rates have bounced back above the 7% level after a one-week drop. So reports CNN.

Freddie Mac 150x150According to Freddie Mac, the average for the 30-year fixed-rate mortgage in the week ending November 10 was 7.08%, an increase of 13 basis points from the previous week.

“The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve," Freddie Mac economist Sam Khater said in a news statement.

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