Mortgage rates decline for 3rd consecutive week
DFW housing and macro econ analyst Amy Nixon discusses the future of the housing market on Making Money.
Mortgage rates fell for the third week in a row on Thursday, signaling a downward trend some economists predict will continue.
Freddie Mac reported that the average rate on the benchmark 30-year fixed mortgage fell to 7.44% from 7.5% the previous week, but remains markedly higher than the 6.61% average during the same week last year.
A for sale sign hangs in front of a home on Aug. 22, 2023, in San Mateo County, California. Mortgage rates have fallen for a third straight week after inflation eased last month. ( Liu Guanguan/China News Service/VCG via Getty Images / Getty Images)
The average rate on the 15-year note fell to 6.76%, down from 6.81% the week prior. A year ago, the rate on a 15-year mortgage was at 6.38%.
«For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,» said Sam Khater, Freddie Mac’s chief economist. «The combination of continued economic strength, lower inflation and lower mortgage rates should likely bring more potential homebuyers into the market.»
HOMEBUILDER SENTIMENT UNEXPECTEDLY PLUMMETS TO LOWEST LEVEL THIS YEAR
The Mortgage Bankers Association reported on Wednesday that mortgage applications rose 2.8% last week from the week prior, marking the second straight week of gains and the highest level in five weeks. Still, application volume remains down 12% compared with the same time last year.
A sign outside a home for sale in Atlanta on Wednesday, Sept. 6, 2023. Mortgage rates have fallen for a third straight week. (Elijah Nouvelage/Bloomberg via Getty Images / Getty Images)
Demand for refinancing also inched higher last
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