Fox Business’ Ashley Webster and Katrina Campins join ‘Mornings with Maria’ to break down Miami’s frozen housing market, why sellers are refusing to cut prices and what soaring mortgage rates mean for buyers.
Mortgage rates fell again this week, mortgage buyer Freddie Mac said Thursday.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed the average rate on the benchmark 30-year fixed mortgage fell to 6.26% from last week’s reading of 6.35%.
The average rate on a 30-year loan was 6.09% a year ago.
A house for sale in the Capitol Hill neighborhood of Washington, D.C., on July 30, 2024. (Photographer: Tierney L. Cross/Bloomberg via Getty Images / Getty Images)
“Mortgage rates decreased yet again this week, prompting many homeowners to refinance,” said Sam Khater, Freddie Mac’s chief economist. In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022.”
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A sign outside a home for sale in Atlanta, Georgia. (Elijah Nouvelage/Bloomberg via Getty Images / Getty Images)
The average rate on the 15-year fixed mortgage fell to 5.41% from last week’s reading of 5.5%. One year ago, the rate on the 15-year fixed note averaged 5.15%.
