Mortgage rates were basically flat this week, as the average rate for a 30-year fixed-rate mortgage dropped slightly to 7.76%, down 7.79% last week, according to Freddie Mac’s Primary Mortgage Market Survey.
A year ago at this time, the average rate for a 30-year was 6.95%.
“The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent,” says Sam Khater, chief economist for Freddie Mac, in a statement. “The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.”
The average rate for a 15-year fixed-rate mortgage was 7.03%, unchanged from last week.
A year ago at this time, the average rate for a 15-year was 6.29%.
Photo: Sarah Brown