Mortgage rates fall for first time in over a month
Pierre Debbas, managing partner of Romer Debbas, says the economic fallout from California’s wildfires will continue to be an unfortunate story.
Mortgage rates finally snapped a six-week bullish streak, but the decline won’t provide much relief as long-term interest rates fell to just below 7%.
Freddie Mac’s latest primary mortgage market survey, released Thursday, showed that the average interest rate on the benchmark 30 year fixed mortgage fell to 6.96%, down from 7.04% last week. The average 30-year loan rate was 6.69% a year ago.
Mortgage rates fell below 7% this week, but remain high. (Getty Images/Getty Images)
“After crossing the 7% mark last week, the 30-year fixed rate mortgage saw its first decline in six weeks,” said Freddie Mac Chief Economist Sam Cutter. “While affordability challenges remain, this is potentially welcome news for homebuyers, which is reflected by a corresponding increase in purchase applications.”
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The average 15-year fixed mortgage rate fell to 6.16 percent from 6.27 percent last week.The 15-year fixed rate averaged 5.96 percent a year ago.
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