Meredith Whitney, founder and CEO of Meredith Whitney Advisory Group, said the Claman Countdown has seen home prices rise by more than 30%.
Mortgage rates fell slightly this week to hit their lowest levels in months, although they remain unnervingly high for many would-be buyers.
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 6.73% this week, down from 6.78% last week. The average rate on a 30-year mortgage was 6.90% a year ago.
“Mortgage rates have fallen to their lowest levels since early February,” said Sam Carter, chief economist at Freddie Mac. “Expectations of Fed rate cuts and signs of subdued inflation bode well for the market, but homebuying difficulties remain a top concern and concerns about consumer confidence could prevent any upside in the near term.”
A “For Sale” sign appears in front of a home on February 22, 2023 in Miami, Florida. (Photo: Joe Raedl/Getty Images/Getty Images)
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The average interest rate on a 15-year fixed mortgage fell to 5.99% from 6.07% last week. A year ago, the average interest rate on a 15-year fixed loan was 6.25%.
