Mitch Rochelle, Managing Director of Madison Ventures+, joins Varney & Company. Providing professional analysis of the latest housing data.
mortgage rates It increased for the fourth consecutive week to 7% as increased rates and higher home prices continue to dampen demand in the housing market.
Freddie Mac’s latest primary mortgage market survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage The reading rose to 6.93% from 6.91% last week. A year ago the average rate on a 30-year loan was 6.66%.
A for sale sign hangs in front of a home in San Mateo County, California on August 22, 2023. (Liu Guangyuan/China News Service/VCG via Getty Images/Getty Images)
“The continuing strength of economy “There has been upward pressure on mortgage rates, and that, along with higher home prices, is impacting housing affordability,” said Sam Khater, chief economist at Freddie Mac. The lack of entry-level supply also remains an issue, especially for those who want to become first-time home builders.”
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The average rate on a 15-year fixed mortgage rose to 6.14% from 6.13% last week. A year ago, the rate on a 15-year fixed note averaged 5.87%.
