Madison Ventures+ Managing Director Mitch Rochelle joins Varney & Co. To provide professional analysis of the latest housing data.
Mortgage rates The index rose for the fourth straight week, rising about 7% as rising interest rates and rising home prices continue to limit demand in the housing market.
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 6.93%, up from last week’s reading of 6.91%. The average interest rate on a 30-year loan was 6.66% a year ago.
A For Sale sign hangs in front of a home on August 22, 2023, in San Mateo County, California. (Liu Guangguan/China News Service/VCG via Getty Images/Getty Images)
“The continuing power of Economy “It has put upward pressure on mortgage rates and, coupled with rising home prices, continues to impact housing affordability,” said Sam Khater, chief economist at Freddie Mac. First-time homeowners.”
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The average interest rate on a 15-year fixed mortgage rose to 6.14% from 6.13% last week. One year ago, the average interest rate on 15-year fixed bonds was 5.87%.
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