Rates for a 30-year fixed mortgage now average 7.09%, the highest since 2002, putting further pressure on the cooling housing market amid high prices.
FOX Business correspondent Madison Alworth shares why for many first-time homebuyers the American dream is delayed as a result of high mortgage rates and home prices on 'Varney and Co.'is now at its highest level in over 20 years, Freddie Mac reported Thursday.
Freddie Mac's latest Primary Mortgage Market Survey shows that the average rate for the benchmark 30-year fixed note hit 7.09% this week for the first time since 2002, topping 7% for the first time since last November after rising from 6.96% the week before.At this time last year, 30-year fixed rate products averaged 5.13%.
The rate for a 15-year fixed mortgage also rose, averaging 6.46% after coming in at 6.34% last week. One year ago, the rate for a 15-year fixed note averaged 4.55%."The economy continues to do better than expected, and the 10-year Treasury yield has moved up, causing mortgage rates to climb," said Sam Khater, Freddie Mac’s chief economist. "Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.
A recent report from Realtor.com showed that the number of available homes on the market in June was down more than 47% from the typical amount before the
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Mortgage rates just hit their highest since 2002The average cost of a 30-year fixed-rate mortgage jumped to 7.09% this week, the highest in over two decades. Rising interest rates have put homes out of reach for many would-be buyers.
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Mortgage rates top 7%, reaching highest level in two decadesThe average rate for a 30-year fixed mortgage was 7.09% as of Thursday, up from 6.96% last week.
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