Mitch Rochelle, Managing Director of Madison Ventures+, has joined Varney & Co. Providing professional analysis of the latest housing data.
mortgage rates Ticked up for a fourth week in a row, climbing to 7% as higher rates and higher home prices dampen demand in the housing market.
Freddie Mac's latest primary mortgage market survey, released Thursday, showed that average rates on the benchmark 30 year fixed mortgage Jumped to 6.93%, from last week's reading of 6.91%. The average rate on a 30-year loan was 6.66% a year ago.
A for sale sign hangs in front of a home on August 22, 2023 in San Mateo County, California. (Liu Guanguan/China News Service/VCG via Getty Images/Getty Images)
“Its continuing strength the economy This has put upward pressure on mortgage rates, and with higher home prices, housing affordability continues to be affected,” said Sam Khatter, chief economist at Freddie Mac. “The lack of entry-level supply also remains an issue, particularly for first-time homeowners. .”
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The average rate on a 15-year fixed mortgage rose to 6.14% last week from 6.13%. A year ago, the 15-year fixed note rate averaged 5.87%.