Romer Debbas managing partner Pierre Debbas says the economic fallout from the California wildfires will continue to be a sad story.
Housing prices it finally broke a six-week high, but the decline won’t provide much relief, as long-term rates are down just under 7%.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the benchmark rate average. 30 year fixed mortgage fell to 6.96%, down from last week’s reading of 7.04%. The average rate for a 30-year mortgage was 6.69% last year.
Mortgage rates fell back below 7% this week, but remain high. (Getty Images / Getty Images)
“After crossing the 7%-mark last week, the 30-year mortgage fell for the first time in six weeks,” said Sam Khater, Freddie Mac’s chief economist. “While affordability challenges remain, this is welcome news for potential homebuyers, as reflected in the corresponding increase in purchase applications.”
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The average 15-year mortgage rate fell to 6.16% from 6.27% last week. Over the past one year, the 15-year fixed rate has averaged 5.96%.