The country's long-term mortgage rates increased over the week ending Nov, 12, though they continue to sit at record lows.
On Thursday 12, the average rate on a 30-year benchmark loan rose to 2.84 percent from 2.78 a week before, which is 0.97 points below a year ago, according to a report from Freddie Mac.
The 15-year fixed-rate mortgage average rate went up to 2.34 percent from 2.32 percent. That is the first time in months mortgage rates went up, interrupting their trend.
Homebuyers across the country are motivated by the historically low rates, despite low inventory and a significant rise in home prices, housing demand remains strong.
The rates increase might have got bolstered by the 90 percent efficient vaccine announcement two days after Joe Biden won and Donald trump lost.
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