Freddie Mac reports the 30-year fixed mortgage rate averaged 6.79% for the week ending Nov. 7 — up from 6.72% last week.

Mortgage interest rates plunged in 2020 in response to a cut to the federal funds rate sparked by the pandemic. But they rose exponentially in the years that followed as inflation surged and the Federal Reserve issued a series of interest rate hikes aiming to keep it from rising further.

The housing market continues to befuddle economists and policymakers who expected high rates would slow buyer demand and cool the entire economy.

Buyers are finding innovative ways to secure a lower mortgage rate, but sellers are also coming up with financing solutions,' Zillow expert said.

Long-term mortgage costs have risen since the Federal Reserve started cutting interest rates in September as the yield curve has steepened.