Real estate investor Grant Cardon appeared on Fox & Friends to argue that now is the worst time in life to buy a house.
Mortgage rates rose above the 7% threshold in the last report but fell to just below 7% this week. Interest rates remain high and are weighing on the housing market.
Freddie Mac’s latest primary mortgage market survey released Thursday showed that the average benchmark interest rate was 30-year fixed rate mortgage That’s down to 6.99% this week, down from 7.03% last week. The average rate on a 30-year loan was 6.71% a year ago.
A home for sale in Austin, Texas, May 22, 2024. Home sales fell for the second straight month in April as high mortgage rates continue to stifle the housing market. (Brandon Bell/Getty Images/Getty Images)
Click here to get FOX Business on the go
The average interest rate on a 15-year fixed mortgage also fell to 6.29 percent from 6.36 percent last week. A year ago, the average interest rate on a 15-year fixed loan was 6.07 percent.
