Romer Debbas managing partner Pierre Debbas says the economic consequences of the California wildfires will continue to be an unfortunate story.
Mortgage rates finally broke a six-week winning streak, but the decline won't bring much relief as long-term rates fell just below 7%.
Freddie Mac's latest prime mortgage market survey, released Thursday, showed that the average rate on the benchmark Mortgage with fixation for 30 years fell to 6.96%, down from last week's 7.04%. The average 30-year loan rate was 6.69% a year ago.
Mortgage rates fell back below 7% this week but remain elevated. (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 Khater, chief economist at Freddie Mac. “While affordability issues remain, this is welcome news for potential homebuyers as reflected in a corresponding increase in purchase enquiries.”
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The average rate for a 15-year fixed mortgage fell to 6.16% from 6.27% last week. A year ago, the 15-year fixed rate averaged 5.96%.
