Pierre Debus, managing partner of Romer Debus, says the economic consequences of the California wildfires will continue to be a sad story.
Mortgage rates It finally snapped a six-week rally, but the decline won't provide much relief as long-term rates have dipped just below 7 percent.
Freddie Mac's latest primary mortgage market survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage It fell to 6.96%, compared to last week's 7.04%. The average 30-year mortgage rate last year was 6.69 percent.
Mortgage rates fell below 7% this week, but remain high. (Getty Images / Getty Images)
“After crossing the 7 percent mark last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Freddie Mac Chief Economist Sam Khatter. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in a corresponding increase in purchase plans.”
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The average 15-year mortgage rate fell to 6.16 percent from 6.27 percent last week. A year ago, the 15-year fixed note rate averaged 5.96 percent.