‘Kudlow’ panelists Steve Forbes, David Bahnsen and Jackie DeAngelis reveal the state of the US economy in the new year.
mortgage rates The increase this week eased aggregate demand as more Americans balked at refinancing.
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 6.72% from 6.6% last week. A year ago the average rate on a 30-year loan was 6.67%.
Mortgage rates climbed this week, hovering around where they were a year ago. (Getty Images/Getty Images)
“This week, mortgage rates reached the same average as this time in 2023,” said Sam Khater, chief economist at Freddie Mac. “For the most part, mortgage rates have increased between 6 and 7 percent over the past 12 months. Home buyers are slowly digesting these higher rates and are willing to move forward to purchase a home more slowly, resulting in additional Purchasing activity is taking place.”
The average rate on a 15-year fixed mortgage rose to 5.92% from 5.84% last week. A year ago, the rate on a 15-year fixed note averaged 5.95%.
Get Fox Business by clicking here
Mortgage Bankers Association (MBA) reported Wednesday that mortgage applications overall declined 0.7% on a seasonally adjusted basis from a week earlier as rates rose, offset by a 3% decline in refinance applications.
