In a segment on ‘The Claman Countdown,’ host Katrina Campins explored the optimal timing for placing property on the market. According to Freddie Mac, mortgage rates have remained steady this week. The latest Primary Mortgage Market Survey indicates the average rate for a 30-year fixed mortgage holds at 6.76%, unchanged from the previous week. A year ago, this rate was 7.09%.
Sam Khater, chief economist at Freddie Mac, stated, “Mortgage rates stayed flat this week.” He noted that a year ago, the 30-year fixed-rate mortgage was 30 basis points higher, with declining purchase applications. Presently, rates are lower and stable, leading to increased purchase applications.
The average rate for a 15-year fixed mortgage decreased slightly to 5.89%, down from last week’s 5.92%. A year earlier, this rate was 6.38%.
The American housing market continues to face an affordability crisis and supply challenges, complicating efforts for first-time buyers. Realtor.com CEO Damian Eales remarked that the market has been stagnant, reaching 30-year transaction lows over the past two years, primarily due to high interest rates. Approximately 70% of American mortgages are below 5%, with current rates around 6.8% and potential increases expected. Consequently, many sellers are hesitant to sell due to the prospect of refinancing at higher rates.
A report by Realtor.com highlights a 3.8 million home supply gap, further exacerbating housing market issues.
[Note: Contributions from FOX Business’ Aislinn Murphy are acknowledged in this report.]
