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 has finally ended its six-week run of gains, but with long-term interest rates just below 7%, the decline won't be much of a relief.
Freddie Mac's latest Primary Mortgage Market Study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage It fell to 6.96% from 7.04% last week. A year ago, the average interest rate on a 30-year loan was 6.69%.
Mortgage rates fell below 7% this week, but remain high. (Getty Images/Getty Images)
“30-year fixed-rate mortgages have fallen for the first time in six weeks, after topping the 7% mark last week,” said Sam Cater, chief economist at Freddie Mac. “Although affordability challenges remain, this is welcome news for prospective homebuyers and this is reflected in the increase in purchase applications.”
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The average interest rate for 15-year fixed mortgages fell to 6.16% from 6.27% last week. A year ago, the average interest rate on 15-year term bonds was 5.96%.
