QI Research CEO and chief strategist Danielle DiMartino Booth breaks down the housing market after building permits unexpectedly increased on ‘Making Money.’
Mortgage rates fell for a fifth consecutive week, hitting the lowest level since December but remaining elevated near 7%.
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 6.85% from last week’s reading of 6.87%. The average rate on a 30-year loan was 6.9% a year ago.
A « for sale » sign hangs in front of a house in Patchogue, New York. (Steve Pfost/Newsday RM via Getty Images / Getty Images)
« The 30-year fixed-rate mortgage has stayed just under 7% for five consecutive weeks and in that time has fluctuated less than 20 basis points, » said Sam Khater, Freddie Mac’s chief economist. « This stability continues to bode well for potential buyers and sellers as we approach the spring homebuying season. »
The average rate on the 15-year fixed mortgage fell to 6.04% from 6.09% last week. One year ago, the rate on the 15-year fixed note averaged 6.29%.
