Century 21 Real Estate CEO Mike Miker discussed the impact of hostage rates on the housing market, arguing is still the biggest issue.
The mortgage rate fell to the lowest level in more than two months for the sixth consecutive week, Hostage buyer Freddy Mac Said on Thursday.
Freddy Mac’s latest primary mortgage market survey, on Thursday, showed that the average rate on the benchmark 30-year fixed mortgage was reduced by 6.76% from the reading of 6.85% last week. The average rate on a 30 -year loan was 6.94% a year ago.
“The decline in hostage rates, jointly improving the mortgage rates, is an encouraging sign for consumers in the market,” said Freddy Mac Chief Economist Sam Khatar.
In more than two months, the mortgage rates fell to the lowest level in the sixth consecutive week. (Steve PFOST/NewsDay RM Getty Images)
Mortgage rates fall for the fifth week in a row, hover near 7%
The average rate on the 15-year fixed mortgage fell from 6.04% to 5.94% last week. A year ago, at the rate 15-year fixed note Average 6.26%.
US pending home sales declines to record less in January
In January, the mortgage rates ran from 6.91% to 7.04%, and the National Association of Realters (NAR) stated that compared to a year ago, the monthly mortgage payment at a house of $ 300,000 increased from additional $ 50 to $ 1,590.
A “sold” symbol has been seen outside the recently purchased house in Washington. (Reuters/Sara Silbigger/File Photo/Reuters Photos)
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NAR said on Thursday that its Pending home sales index Due to high mortgage rates and double ghats of high house prices, the lowest level fell on records in January. The pending house sales were 5.2% compared to a year ago.
NAR Chief Economist Lawrence Yun said, “It is not clear that the coldest January in 25 years contributed to low buyers in the market, and if so, more sales activity is expected in the coming months,” said NAR Chief Economist Lawrence. “However, it is clear that house prices and high mortgage have increased.”
Fox Business’ Eric Revell contributed to this report.
