Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis explain the state of the US economy heading into the new year.
Mortgage rates It rose this week, dragging down overall demand as more Americans are reluctant to refinance.
Freddie Mac’s latest primary mortgage market survey, released Thursday, showed the average rate on the benchmark index… 30-year fixed mortgage It jumped to 6.72%, up from last week’s reading of 6.6%. The average interest rate on a 30-year loan was 6.67% a year ago.
Mortgage rates rose this week, hovering around the same level as a year ago. (Getty Images/Getty Images)
“This week, mortgage rates rose to a similar average as this time in 2023,” said Sam Khater, chief economist at Freddie Mac. “For the most part, mortgage rates have moved between 6 and 7 percent over the past 12 months. Homebuyers are slowly absorbing these higher rates and are gradually willing to move forward with purchasing a home, resulting in additional purchasing activity.”
The average interest rate on a 15-year fixed mortgage rose to 5.92% from 5.84% last week. One year ago, the average interest rate on 15-year fixed bonds was 5.95%.
Get FOX Business on the go by clicking here
the Mortgage Bankers Association (MBA) reported Wednesday that mortgage applications fell 0.7% overall on a seasonally adjusted basis compared to the previous week thanks to an increase in interest rates, which caused a 3% decline in refinancing applications.
https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/12/0/0/gettyimages-180941662-scaled.jpg?ve=1&tl=1
Source link