FOX Business' Larry Kudlow reacts to the revised jobs report and its impact on the U.S. economy on “The Big Money Show.”
Mortgage rates fell again this week but are still too high to spark any big moves in the housing market as the housing affordability crisis persists.
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 6.35% this week from 6.46% last week. The average rate on a 30-year mortgage was 7.18% a year ago.
Homes for sale in the Capitol Hill neighborhood of Washington DC on July 30, 2024. (Photographer: Tierney L. Cross/Bloomberg via Getty Images/Getty Images)
“Mortgage rates fell again this week on expectations of a Federal Reserve rate cut,” said Sam Carter, chief economist at Freddie Mac. “Interest rates are expected to continue to fall, keeping potential homebuyers on their toes, but we don't expect a pick-up in purchasing activity until rates fall further.”
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The average interest rate on a 15-year fixed mortgage fell to 5.51% from 5.62% last week. A year ago, the average interest rate on a 15-year fixed loan was 6.55%.
