Mortgage rates rise as demand continues to slide
In a wide-ranging interview on Cavuto: Coast to Coast, The Corcoran Group founder and Shark Tank star Barbara Corcoran addresses market trends and challenges in real estate.
Mortgage rates increased slightly this week as demand continues to wane amid the ongoing housing affordability crisis.
Freddie Mac's latest Primary Mortgage Market Survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage rose to 6.82% this week from 6.79% last week. The average rate on a 30-year loan was 6.28% a year ago.
At the same time, the average rate on the 15-year fixed mortgage ticked down to 6.06% after coming in last week at 6.11%. One year ago, the rate on the 15-year fixed note averaged 5.64%.
A for sale sign in front of a home in West Islip, New York on December 13, 2023. (Steve Pfost/Newsday RM via Getty Images / Getty Images)
REAL ESTATE EXPERT WARNS ‘NO SIGNS’ HOUSING AFFORDABILITY WILL IMPROVE FOR BUYERS IN NEAR FUTURE
«Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either,» said Sam Khater, Freddie Mac’s chief economist.
ResiClub co-founder and editor-in-chief Lance Lambert discusses the U.S. housing affordability crisis on 'Making Money.'
«While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term,» Khater added. «On the plus side, inventory is improving somewhat, which should help temper home price growth.»
SIX-FIGURE SALARY NOW NEEDED TO BUY AVERAGE US HOME
The combination of persistently elevated rates and record-high home prices has left the housing market stalled for months.
The Mortgage Bankers Association reported Wednesday that
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