The “The Big Money Show” panel explains why future home buyers are beginning to fall off the sidelines despite the price and price not moving.
Mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest primary mortgage market research, released Thursday, showed that the average rate for benchmark 30-year fixed mortgages was down just 6.64% from last week’s 6.65% reading. The average rate for a 30-year loan was 6.82% a year ago.
“The 30-year fixed rates have settled last month, with only a few movements in either direction,” said Sam Carter, chief economist at Freddie Mac. “This stability is encouraging and borrowers have been responding to the highest growth rates of purchase applications since the second half of last year.”
A sale sign in front of a house in West Islip, New York. (via Steve Pfost/Newsday RM Getty Images)
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The average rate for fixed mortgages for 2015 fell to 5.82% from 5.89% last week. A year ago, the average percentage of fixed notes in 15 years was 6.06%.
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