Cushman & Wakefield Chairman of Global Brokerage Bruce Mosler discusses President Donald Trump’s impact on commercial real estate and how Americans are handling 7% mortgage rates.
Mortgage rates moved slightly lower this week, but long-term rates remain elevated in the upper-6% range.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage edged down to 6.89% from last week’s reading of 6.95%. The average rate on a 30-year loan was 6.64% a year ago.
Elevated mortgage rates are dragging down demand in the housing market. (Justin Sullivan/Getty Images / Getty Images)
« Mortgage rates have been stable over the last month and incoming data suggest the economy remains on firm footing, » said Sam Khater, Freddie Mac’s chief economist. « Even though rates are higher compared to last year, the last two weeks of purchase applications are modestly above what we saw a year ago, indicating some latent demand in the market. »
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The average rate on the 15-year fixed mortgage fell to 6.05% from 6.12% last week. One year ago, the rate on the 15-year fixed note averaged 5.9%.
