Fox News real estate reporter Katrina Campins argues that something needs to happen in the housing market because supply issues are crippling the industry.
Longer-term mortgage rates remained unchanged this week, while shorter-term mortgage rates fell slightly, but this was not enough to stimulate demand.
Freddie Mac's latest primary mortgage market survey released Thursday showed that the average benchmark interest rate was 30-year fixed rate mortgage It remained steady at 6.35%. The average rate for a 30-year mortgage was 7.12% a year ago.
A “For Sale” sign hangs on a home in Philadelphia on Aug. 16, 2024. (Joe Lamberti/Bloomberg via Getty Images/Getty Images)
“Mortgage rates were stable this week as the market awaits the release of the highly-anticipated August jobs report,” said Sam Carter, chief economist at Freddie Mac. “Interest rates fell over the summer, but home sales remain weak.”
Catel noted that refinancing activity is on the rise.
Many buyers and sellers are waiting to see if interest rates will fall further. Currently, about 80% of mortgage holders are living with less than 5% down, according to Zillow research.
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The average interest rate on a 15-year fixed mortgage fell to 5.47% from 5.51% last week. A year ago, the average interest rate on a 15-year fixed loan was 6.52%.
