Mortgage rates rise for second consecutive week
DeBianchi Real Estate President and realtor Sam DeBianchi gives advice to millennials who are struggling to buy homes on Making Money.
Mortgage rates rose a bit for the second week in a row while home prices remain high, and many buyers are still waiting for costs to come down before making a move.
Still, an increase in demand has some economists shining cautious optimism on the housing market.
Freddie Mac's latest Primary Mortgage Market Survey released Thursday showed that the average rate for the benchmark 30-year fixed mortgage nudged up to6.66% this week, an increase from 6.62% last week. The popular note averaged 6.33% a year ago.
A sale pending sign is posted in front of a home that is listed for over $1 million on April 29, 2022 in San Francisco. Demand in the housing market picked up some at the start of the year, but low inventory is keeping home prices elevated. (Justin Sullivan/Getty Images / Getty Images)
At the same time, the rate on the 15-year fixed mortgage edged lower for a second straight reading, averaging 5.87% after coming in last week at 5.89%. One year ago, the rate on the 15-year fixed note averaged 5.52%.
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«Mortgage rates have not moved materially over the last three weeks and remain in the mid-six percent range, which has marginally increased homebuyer demand,» said Sam Khater, Freddie Mac’s chief economist.
Homes under construction in Sacramento, California, on Monday, July 3, 2023. Buyers are increasingly looking toward new homes as the inventory of existing homes for sale remains low. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
«Even this slight uptick in demand, combined with inventory
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