New Freddie Mac data showed that America’s mortgage market was little changed following a six-week surge but housing affordability remains a challenge for prospective homebuyers.

For the week ending Nov. 13, the fixed 30-year mortgage rate dipped to 6.78 percent from 6.79 percent in the previous week, according to the Federal Housing Agency’s Primary Mortgage Market Survey.

The 15-year fixed-rate mortgage was also flat at 5.99 percent.

“After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers,” said Sam Khater, chief economist at Freddie Mac.

Comparable movements were observed in alternative weekly mortgage measurements.

The Mortgage Bankers Association’s 30-year mortgage rate stalled at 6.8 percent for the week ending Nov. 8. Mortgage News Daily’s average 30-year fixed-rate mortgage stood at 6.73 percent.

Mortgage rates are now at their highest levels since late July.

Since hitting a 23-year high in November 2023, the national mortgage market has been trending downward, hitting a bottom of 6.08 percent at the end of September.

Recent mortgage rate gauges have mirrored the unexpected spike in U.S. Treasury yields.

Even as the Federal Reserve launched its new easing cycle with a jumbo half-point interest rate cut in September, bond yields have rocketed.

The benchmark 10-year yield has climbed about 80 basis points to a four-month high of 4.4 percent.

Economists have attributed the bond movement to concerns about the federal government’s fiscal health and confidence in the broader economic landscape.

Still, in the aftermath of the presidential election, housing activity rebounded, says Joel Kan, the deputy chief economist at the Mortgage Bankers Association.

Mortgage applications rose by 0.5 percent, the first weekly jump in seven weeks.

“Despite the increase in rates, applications increased for the first time in seven weeks,” Kan said in the report. “Purchase applications picked up and remained close to levels from a year ago.”

Interest is picking back up, too, says Chen Zhao, Redfin’s economic research lead.

The organization’s Homebuyer Demand Index—a metric for tours and other buying services from Redfin agents—surged by 15 percent to its best level in more than a year.

“There’s no question we saw homebuying demand bounce back this past weekend, but it’s bouncing back to the level we would expect with 7 percent mortgage rates and not much higher,” Zhao said in the report.

A townhouse for sale in Elkridge, Md., on Sept. 27, 2024. (Madalina Vasiliu/The Epoch Times)

Housing activity had stalled in recent months as buyers were waiting for the election to finish and the Federal Reserve to cut interest rates.

“Both of those things happened last week, and now buyers don’t have much reason to wait—especially because we don’t expect rates to fall significantly anytime soon,” Zhao said.

Foreclosure Activity Stabilizes, Delinquencies Rise

New data from ATTOM, a curator of real estate analytics and property data, show 30,784 domestic properties had foreclosure filings, including bank repossessions, default notices, and scheduled auctions.

This is up by 4 percent from a month ago and down by 11 percent from a year ago.

“Foreclosure activity remains challenging for U.S. homeowners, with starts and completed foreclosures up in October,” Rob Barber, CEO of ATTOM, said in a statement.

“As we approach 2025, the recent Fed rate cut and the new administration could impact mortgage rates and market stability.

“While seasonal factors may slow things down briefly, we’ll be watching closely to see how these recent dynamics affect the market in the coming year.”

Recent numbers are suggesting that homeowners are struggling to afford their mortgages.

In September, Freddie Mac reported that the single-family delinquency rate increased to 0.54 percent, up by 0.2 percentage points from August.

The agency’s multifamily delinquency rate also inched higher to 0.39 percent from 0.38 percent.

According to the New York Fed’s third-quarter Household Debt and Credit Report, early mortgage delinquencies “worsened slightly.”

Additionally, mortgage debt flows into serious delinquency (90 days or more delinquent) rose to 1.08 percent from 0.72 percent in the third quarter of 2023.

Regional Fed economists reported that mortgage debt surged by $75 billion to $12.59 trillion.

Home equity line of credit balances also rose by $7 billion to $387 billion, “representing the 10th consecutive quarterly increase” since the first quarter of 2022.

The median monthly mortgage payment at a 6.72 percent mortgage rate is $2,607, according to the latest Redfin calculations.

While this is the highest level since July, the amount is down by 1.3 percent from a year ago.