NAHB CEO Jim Tobin talks about the changes in the real estate industry as new rules for real estate agents come into effect and how the market will impact the industry.
Mortgage rates rose slightly this week but remain at their lowest levels in more than a year.
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 up from 6.47% last week to 6.49% this week. The average rate on a 30-year mortgage was 7.09% a year ago.
A sign stands in front of a home for sale in San Rafael, California, on Aug. 7, 2024. Mortgage rates increased slightly this week. (Justin Sullivan/Getty Images/Getty Images)
“While rates rose slightly this week, they remain more than half a percentage point lower than this time last year,” Freddie Mac chief economist Sam Carter said. “Going into 2023, 30-year fixed-rate mortgages approached 8%, putting a sharp brake on the housing market. Currently, 30-year fixed rates are hovering around 6.5% and will likely trend lower in the coming months as inflation continues to moderate.”
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The average interest rate on a 15-year fixed mortgage rose to 5.66 percent from 5.63 percent last week. A year ago, the average interest rate on a 15-year fixed loan was 6.46 percent.
