The loan rate decreased for the first time in more than a month
Romer Debus Managing Partner Pierre Debus says the economic consequences of the California wildfires continue to be a sad story.
Mortgage rates It finally snapped a six-week streak of gains, but the decline didn’t provide much relief as long-term rates fell below 7 percent.
Freddie Mac’s latest primary mortgage market survey released Thursday showed that the average rate on the benchmark 30 year fixed loan It fell to 6.96%, down from last week’s reading of 7.04%. The average rate for a 30-year mortgage was 6.69% a year ago.
Mortgage rates fell back below 7% this week, but remain high. (Getty Images / Getty Images)
“After crossing the 7%-mark last week, the 30-year fixed-rate mortgage posted its first decline in six weeks,” said Sam Cater, chief economist at Freddie Mac. “While affordability challenges remain, this is welcome news for homebuyers as evidenced by a modest increase in purchase applications.”
Get FOX BUSINESS on the go by clicking here
The average rate on a 15-year fixed mortgage fell to 6.16% from 6.27% last week. A year ago, the rate on the 15-year fixed note averaged 5.96 percent.