Kudlow panellists Steve Forbes, David Bahnsen and Jackie DeAngelis reveal the state of the US economy ahead of the new year.
Mortgage rates It rose this week, dampening overall demand as more Americans withheld financing.
Freddie Mac's latest primary mortgage market survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage Jumped to 6.72%, from last week's reading of 6.6%. The average 30-year mortgage rate last year was 6.67 percent.
Mortgage rates rose 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 fluctuated between 6% and 7% over the past 12 months. Homebuyers are slowly digesting these higher rates and gradually becoming more willing to buy homes, resulting in more buying activity.” will be.”
The average 15-year mortgage rate rose to 5.92 percent from 5.84 percent last week. A year ago, the 15-year fixed note rate averaged 5.95 percent.
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particle for direct object Mortgage Bankers Association (MBA) reported Wednesday that mortgage applications overall fell 0.7 percent on a seasonally adjusted basis from the previous week as rate hikes led to a 3 percent decline in refinancing applications.