Mortgage rates fell for the first time in more than a month
Romer Debbas managing partner Pierre Debbas says the economic fallout from the California wildfires will continue to be an unfortunate story.
Mortgage interest finally, a six-week streak of gains was broken, but the cut won't provide much relief as long-term rates fell to just below 7%.
Freddie Mac's latest Mortgage Market Survey released Thursday showed that the benchmark average interest rate 30 year fixed mortgage It fell to 6.96%, down from last week's reading of 7.04%. The average interest rate on a 30-year loan was 6.69% a year ago.
Mortgage rates fell below 7% this week but remain high. (Getty Images/Getty Images)
“After breaking through the 7% threshold last week, the 30-year fixed-rate mortgage saw its first decline in six weeks,” said Sam Khater, chief economist at Freddie Mac. “While challenges remain with regard to affordability, this is good news for potential homebuyers, as reflected in a corresponding increase in purchase applications.”
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The average interest rate on a 15-year fixed mortgage fell to 6.16% from 6.27% last week. A year ago, interest on a 15-year fixed note averaged 5.96%.
