Kudrow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis shed light on the state of the U.S. economy as we head into the new year.
Mortgage rates have risen for the third straight week to their highest level since July, further hampering demand in an already 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 6.91%, up from 6.85% last week. A year ago, the average interest rate on a 30-year loan was 6.62%.
Mortgage rates continued to rise this week, with the average 30-year fixed rate approaching 7%. (Getty Images/Getty Images)
“Mortgage rates have risen to just under 7%, the highest in nearly six months,” said Sam Cater, chief economist at Freddie Mac. “Interest rates have increased compared to this time last year, and affordability headwinds in the market continue.”
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The average interest rate for a 15-year fixed mortgage rose to 6.13% from 6.0% last week. A year ago, interest rates on 15-year fixed bonds averaged 5.89%.
