The average rate for a 30-year fixed-rate mortgage fell to 7.09% this week, down from 7.22% the previous week, according to Freddie Mac’s Primary Mortgage Market Survey.
It was the first time in five weeks that mortgage rates decreased.
“After a five-week climb, mortgage rates ticked down following a weaker than expected jobs report,” says Sam Khater, chief economist for Freddie Mac, in a statement. “An environment where rates continue to hover above seven percent impacts both sellers and buyers.
“Many potential sellers remain hesitant to list their home and part with lower mortgage rates from years prior, adversely impacting supply and keeping house prices elevated,” Khater adds. “These elevated house prices add to the overall affordability challenges that potential buyers face in this high-rate environment.”
The average rate for a 15-year fixed-rate mortgage was 6.38%, down from 6.47% last week but up from 5.75% a year ago.
Photo: Alison Pang