Kudlow audio system Steve Forbes, David Bahnsen and Jackie DeAngelis take inventory of the state of the U.S. economic system forward of the brand new 12 months.
Mortgage charges rose for the third straight week to their highest ranges since July, additional hampering demand within the already stagnant housing market.
Freddie Mac’s newest major mortgage market survey, launched Thursday, confirmed that the typical charge on the benchmark 30 12 months fastened mortgage it jumped to six.91%, in comparison with 6.85% final week. A 12 months in the past the typical charge on a 30-year mortgage was 6.62%.
Mortgage charges continued to rise this week, with the typical 30-year fastened charge approaching 7%. (Getty Images / Getty Images)
“Mortgage charges, which rose just below 7%, reached their highest level in practically six months,” stated Sam Khater, chief economist at Freddie Mac. “Compared to the identical time final 12 months, charges are excessive and limitations to market affordability persist.”
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The common 15-year fastened mortgage charge rose to six.13% from 6.0% final week. A 12 months in the past, the 15-year fastened bond charge averaged 5.89%.
