Pierre Debas, managing partner of Romar Debas, says the economic consequences of California’s wildfires will remain an unfortunate story.
mortgage rates It continued its upward climb this week, jumping above 7% and putting further pressure on the stable 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 increased from 6.93% to 7.04% last week. A year ago the average rate on a 30-year loan was 6.60%.
Mortgage rates remain stubbornly high, with long-term notes jumping above 7% this week. (Reuters/Mike Blake/Reuters Photos)
“Mortgage rates rose for the fifth consecutive week and surpassed seven percent for the first time since May 2024,” said Sam Khater, chief economist at Freddie Mac. “Inherent power of economy “Contributing to this increase in rates.”
Get Fox Business by clicking here
The average rate on a 15-year fixed mortgage rose to 6.27% from 6.14% last week. A year ago, the rate on a 15-year fixed note averaged 5.76%.
