Mortgage rates rose across the board this week, according to the Primary Mortgage Market Survey from Freddie Mac.

“The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven year high of 4.94 percent, up 11 basis points from last week,” said Sam Khater, chief economist for Freddie Mac.
“Higher mortgage rates have led to a slowdown in national home-price growth, but the price deceleration has been primarily concentrated in affluent coastal markets such as California and the state of Washington.”

But the malaise could spread to other housing markets that had been immune from those conditions.

“The more affordable interior markets, which have not yet experienced a slowdown home in price growth, may see price growth start to moderate and affordability squeezed if mortgage rates continue to march higher,” said Khater.

The following provides a snapshot of what Freddie recorded happened this week:

• 30-year fixed-rate mortgage averaged 4.94 percent with an average 0.5 point for the week ending November 8, up from last week when it averaged 4.83 percent. A year ago at this time, it averaged 3.90 percent.
• 15-year fixed-rate this week averaged 4.33 percent with an average 0.5 point, up from last week when it averaged 4.23 percent. A year-ago at this time, the 15-year FRM averaged 3.24 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.14 percent with an average 0.3 point, up from last week when it averaged 4.04 percent. A year-ago at this time, the 5-year ARM averaged 3.22 percent.