Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis reveal the state of the US economy ahead of the new year.
Mortgage rates They hit their highest level since July for the third week in a row, hampering demand in an already stagnant 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 6.91%, compared to last week's 6.85%. The average 30-year mortgage rate last year was 6.62 percent.
Mortgage rates continued to rise this week, with the average 30-year fixed rate approaching 7 percent. (Getty Images / Getty Images)
“Mortgage rates rose as much as 7 percent to their highest in nearly six months,” said Sam Khater, chief economist at Freddie Mac. Compared to this time last year, rates have increased and favorable market conditions continue.
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The average 15-year mortgage rate rose to 6.13 percent from 6.0 percent last week. A year ago, the 15-year fixed note rate averaged 5.89 percent.