Mortgage rates dropped this week, with the average rate for a 30-year fixed-rate mortgage falling to 7.5%, down from 7.76% 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 7.08%.
“As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November,” says Sam Khater, chief economist for Freddie Mac, in a statement. “Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”
The average rate for a 15-year fixed-rate mortgage was 6.81%, down from 7.03% last week.
A year ago at this time, the average rate for a 15-year was 6.38%.
Photo: David Kristianto