Mortgage rates dip below 7%
Madison Ventures managing director Mitch Roschelle analyzes the housing market and reveals some of the best places to live outside of big cities on The Big Money Show.
Mortgage rates declined for a third consecutive week, falling below 7% for the first time in over a month as a home affordability crisis maintains its grip on the housing market.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.94% this week from 7.02% last week. The average rate on a 30-year loan was 6.57% a year ago.
A home available for sale is shown on May 22, 2024, in Austin, Texas. Mortgage rates dropped below 7% this week for the first time in more than a month. (Brandon Bell/Getty Images / Getty Images)
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The average rate on the 15-year fixed mortgage also fell to 6.24% from 6.28% last week. One year ago, the rate on the 15-year fixed note averaged 5.97%.
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