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.
Overall demand fell this week as mortgage rates rose and more Americans were hesitant to refinance.
Freddie Mac's latest Primary Mortgage Market Study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage rose to 6.72%, up from 6.6% last week. A year ago, the average interest rate on a 30-year loan was 6.67%.
Mortgage rates rose this week and remain near the same levels as a year ago. (Getty Images/Getty Images)
“Mortgage rates rose this week to average levels similar to this time in 2023,” said Sam Cater, chief economist at Freddie Mac. “For the most part, mortgage rates have hovered between 6% and 7% over the past 12 months. Homebuyers are slowly digesting these higher rates and are showing a willingness to move forward with their home purchases over time. This has resulted in additional purchasing activity.”
The average interest rate for a 15-year fixed mortgage rose to 5.92% from 5.84% last week. A year ago, the average interest rate on a 15-year fixed bond was 5.95%.
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of Mortgage Bankers Association MBA reported Wednesday that mortgage applications overall fell a seasonally adjusted 0.7% week over week due to rising interest rates, and refinance applications fell 3%.
