Pierre Debbas, managing partner of Romer Debbas, says the economic consequences of California’s wildfires will continue to be unfortunate.
Mortgage Rates finally ended a six-week streak of increases, but the decline won’t bring much relief as long-term rates have fallen to just below 7%.
Freddie Mac’s latest primary mortgage market survey, released Thursday, showed that the benchmark’s average rate Fixed mortgage over 30 years fell to 6.96%, down from last week’s reading of 7.04%. The average rate for a 30-year loan was 6.69% a year ago.
Mortgage rates fell back below 7% this week, but remain high. (Getty Images/Getty Images)
“After crossing the 7% mark last week, 30-year fixed-rate mortgages saw their first decline in six weeks,” said Sam Khater, chief economist at Freddie Mac. “While affordability issues remain, this is good news for potential buyers, as evidenced by the corresponding increase in purchase inquiries.”
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The average rate for a 15-year fixed-rate mortgage fell to 6.16%, down from 6.27% last week. A year ago, the 15-year fixed note rate averaged 5.96%.
