Global Mansion host and real estate expert Katrina Campins offers her best tips for strengthening your housing portfolio and weighs the impact on the market under a future Trump or Harris administration.
Mortgage rates continued to rise this week, with rising interest rates and soaring home prices further hampering demand in the housing market.
Freddie Mac's latest Primary Mortgage Market Study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage It rose to 6.44% from 6.32% last week. A year ago, the average interest rate on a 30-year loan was 7.63%.
Patchogue, New York: A for sale sign is posted in front of a home in Patchogue, New York on June 1, 2024. (Steve Forst/Newsday RM via Getty Images/Getty Images)
“30-year fixed-rate mortgages increased for the third week in a row, approaching 6.5%,” said Sam Cater, chief economist at Freddie Mac.
“Rising interest rates generally reflect the strength of the economy, which supports the housing market,” Carter said. “However, it is worth noting that interest rates are down more than 1 percentage point compared to a year ago, and potential homebuyers are now looking at the best estimate available, especially since interest rates can vary widely between mortgage lenders. That's something you could benefit from looking around for.
Many buyers and sellers are waiting to see if interest rates will fall further. According to Zillow research, about 80% of mortgage holders currently have interest rates below 5%.
CLICK HERE TO GET FOX BUSINESS ON THE GO
The average interest rate for 15-year fixed mortgages also rose to 5.63% from 5.41% last week. A year ago, interest rates on 15-year fixed bonds averaged 6.92%.
