Redfin CEO Glenn Kelman unleashes the state of the housing market with “Barron's Roundtable.”
Mortgage rates remained low this week, the lowest in three months. Mortgage buyer Freddie Mac I said Thursday.
Freddie Mac's latest primary mortgage market research, released Thursday, showed that the average rate for benchmark 30-year fixed mortgages was 6.65% from last week's 6.63% reading. The average rate for a 30-year loan was 6.74% a year ago.
“Despite the volatility of the market, the 30-year fixed-rate mortgage has remained essentially flat since last week,” said Sam Carter, chief economist at Freddie Mac. “Mortgage rates continue to be lower than in recent months, and home buyers have responded.”
The average rate for benchmark 30-year fixed mortgages reached up to 6.65% from reading last week at 6.63%. (Steve Pfost/Newsday RM Via)
“The modest combination of mortgage rates and inventory improvements is a positive sign for home buyers during this important spring home buying season,” Khater added.
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The average fixed mortgage rate for 2015 increased to 5.8% from 5.79% last week. A year ago, the average percentage of fixed notes in 15 years was 6.16%.
Joel Berner, senior economist at Realtor.com, told Fox Business that the housing market in 2025 is becoming more buyer-friendly.
The average rate for fixed mortgages for 2015 went from 5.79% last week to 5.8%. (Joe Lamberti / Bloomberg Via / Getty Images)
He said 2024, the slowest year in existing home sales since 1996, was a good time for buyers to enter the market after years of restrained transactions, according to company data.
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He believes the housing market has shifted from a more balanced market to an increase in stock, a higher price, a longer time in the market, and a lower listing price compared to last year.
Daniella Genovese of Fox Business contributed to this report.
