In recent weeks, the cost of borrowing money to purchase a home in the US has been steadily increasing, marking a trend that has persisted for the past six weeks. This comes at a time when the Federal Reserve is expected to announce another interest rate cut, further impacting the housing market.
According to data released by Freddie Mac on Thursday, the average rate on a standard 30-year fixed mortgage stood at 6.79% for the week ending November 7. This uptick in mortgage rates may come as a disappointment to potential homebuyers who were anticipating a decrease in borrowing costs following a potential rate cut by the Federal Reserve.
