Mortgage rates increased slightly this week as demand continues to wane amid the ongoing housing affordability crisis. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.82% this week from 6.79% last week. The average rate on a 30-year loan was 6.28% a year ago. At the same time, the average rate on the 15-year fixed mortgage ticked down to 6.06% after coming in last week at 6.11%.
Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either," said Sam Khater, Freddie Mac’s chief economist. "While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term," Khater added. "On the plus side, inventory is improving somewhat, which should help temper home price growth.
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FoxBusiness - 🏆 458. / 53 Read more »