Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis unpack the state of the U.S. economy heading into the new year.
Mortgage rates are up for a third straight week to the highest since July, further hindering demand in the already-stagnant housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 6.91%, up from last week’s reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.
Mortgage rates continued to climb this week, with the 30-year fixed-rate average approaching 7%. (Getty Images / Getty Images)
« Inching up to just shy of seven percent, mortgage rates reached their highest point in nearly six months, » said Sam Khater, Freddie Mac’s chief economist. « Compared to this time last year, rates are elevated and the market’s affordability headwinds persist. »
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The average rate on the 15-year fixed mortgage climbed to 6.13% from 6.0% last week. One year ago, the rate on the 15-year fixed note averaged 5.89%.
