Mitch Rochelle, CEO of Madison Ventures+, joins Varney & Co. To provide professional analysis of the latest housing data.
Mortgage rates It increased for the fourth consecutive week and with the increase in rates and the high price of housing, it continues to destroy the 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 It increased to 6.93%, compared to last week which was 6.91%. The average 30-year mortgage rate last year was 6.66 percent.
A for sale sign hangs on the front of a home on Aug. 22, 2023, in San Mateo County, California. (Liu Guangguan/China News Service/VCG via Getty Images/Getty Images)
“Continuing power economy “It has put upward pressure on mortgage rates and, along with high home prices, continues to weigh on housing affordability,” said Freddie Mac Chief Economist Sam Khatter. “Lack of entry-level supply also remains a problem, particularly for those looking to become housing. First time home owner.
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The average 15-year mortgage rate rose to 6.14 percent from 6.13 percent last week. A year ago, the 15-year fixed note rate averaged 5.87 percent.