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Madison Ventures+ Managing Director Mitch Roschelle Joins ‘Varney & Co.’ to provide a professional analysis of the latest housing data.
Mortgage rates rose for a fourth straight week, rising to 7%, as high rates and high home prices continue to limit demand in the housing market.
The latest survey of the primary mortgage market by Freddie Mac, published on Thursday, showed that the average rate of the benchmark 30-year fixed mortgage it jumped to 6.93%, up from last week’s reading of 6.91%. The average rate for a 30-year loan was 6.66% a year ago.
A for sale sign hangs in front of a home on August 22, 2023 in San Mateo County, California. (Liu Guanguan/China News Service/VCG via Getty Images/Getty Images)
“The continued strength of the economy has put upward pressure on mortgage rates and, along with high home prices, continues to affect housing affordability,” said Sam Khater, chief economist at Freddie Mac. “The lack of Entry-level supply also remains an issue, particularly for those looking to become first-time owners.”
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The average 15-year fixed mortgage rate rose to 6.14% from 6.13% last week. A year ago, the 15-year fixed rate averaged 5.87%.
