Mortgage rates held steady this week, according to Freddie Mac.
Freddie Mac’s recent primary mortgage market survey, published Thursday, indicated that the average rate for a 30-year fixed mortgage remained unchanged from last week at 6.76%. A year ago, this rate was at 7.09%.
Is the U.S. housing market favorable for buyers?
Sam Carter, Freddie Mac’s chief economist, noted, “Mortgage fees have stabilized this week. Last year, 30-year fixed-rate mortgages were 30 basis points higher, and purchase applications were down. Presently, prices have been low and steady for several weeks, leading to a continued rise in purchase applications.”
The average rate for a 15-year fixed mortgage dropped slightly to 5.89%, down from 5.92% last week. This rate was 6.38% a year ago.
Realtor.com highlights states where the housing market is thriving
Many Americans are grappling with ongoing affordability challenges and supply shortages in the housing market, which makes it hard for first-time buyers to get in.
Damian Eales, CEO of Realtor.com, commented, “We’ve experienced a 30-year low for the past two years, mainly due to high interest rates. Currently, most American mortgages hover around 6.8%, and they are likely to rise soon.”
A report from Realtor.com indicated a supply gap of 3.8 million homes in March.
