The economic consequences of the California wildfires will remain a sorry story, says Pierre Debbas, managing partner of Romer Debbas.
Mortgage rates It has finally broken a six-week streak of increases, but the decline will not offer much relief, with long-term interest rates falling just below 7%.
Freddie Mac’s latest primary mortgage market survey, released Thursday, showed the average rate on the benchmark index… 30-year fixed mortgage It fell to 6.96%, down from last week’s reading of 7.04%. The average interest rate on a 30-year loan was 6.69% a year ago.
Mortgage rates fell below 7% this week, but remain high. (Getty Images/Getty Images)
“After exceeding 7% last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, chief economist at Freddie Mac. “Although affordability challenges remain, this is welcome news for prospective homebuyers, as reflected in the corresponding rise in purchase orders.”
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The average interest rate on a 15-year fixed mortgage fell to 6.16% from 6.27% last week. One year ago, the average interest rate on 15-year fixed bonds was 5.96%.
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