Pierre Debus, managing partner at Romer Debus, said the economic impact of California's wildfires will continue to be an unfortunate story.
mortgage interest rate It continued to rise this week, topping 7%, adding further pressure to the stagnant housing market.
Freddie Mac's latest Primary Mortgage Market Study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage rose to 7.04%, up from 6.93% last week. A year ago, the average interest rate on a 30-year loan was 6.60%.
Mortgage rates remain high, with long-term bonds exceeding 7% this week. (Reuters/Mike Blake/Reuters Photo)
“Mortgage rates have risen for the fifth consecutive week and have exceeded 7% for the first time since May 2024,” said Sam Cater, chief economist at Freddie Mac. “The underlying strength of the economy is contributing to the recent rise in interest rates.”
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The average interest rate for a 15-year fixed mortgage rose to 6.27% from 6.14% last week. A year ago, interest rates on 15-year fixed bonds averaged 5.76%.
