Weekly Mortgage Rates Rise as Buyers Await a Drop
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After faltering last week, mortgage interest rates resumed the upward path they've been on since late September. The week ending Nov. 21, the average rate on the 30-year fixed-rate mortgage climbed nine basis points to 6.88%, according to rates provided to NerdWallet by Zillow. A basis point is one-one hundredth of a percentage point.
Mortgage rates making even the smallest stumble brings more buyers and refinancers into the market. When there's an actual rate drop, the market can quickly heat up — a phenomenon perfectly illustrated by October's existing home sales figures, which the National Association of Realtors released this morning.
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