‘Kudlow’ panelists Steve Forbes, David Bahnsen and Jackie DeAngelis reveal the state of the US economy heading into the new year.
Mortgage rates they rose for the third week in a row to their highest since July, further hampering demand in an already stagnant housing market.
Freddie Mac’s latest survey of the prime mortgage market, released Thursday, showed the average rate at the benchmark 30-year fixed mortgage jumped to 6.91%, up from last week’s reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.
Mortgage rates continued to rise this week, with the 30-year fixed rate average approaching 7%. (Getty Images / Getty Images)
“Climbing to just shy of seven percent, mortgage rates hit their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, rates are elevated and the market’s affordability issues remain.”
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The average rate on a 15-year fixed mortgage rose to 6.13% from 6.0% last week. A year ago, the rate on the 15-year bond averaged 5.89%.
