Mortgage rates dropped for the second consecutive week, but economists do not expect significant declines in the near future as the affordability crisis continues to weigh on housing.
Mortgage rates fell for the second week in a row, but economists are not expecting any significant declines in the near future. Freddie Mac's latest Primary Mortgage Market Survey released Thursday showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.74% this week from 6.88% last week. The average rate on a 30-year loan was 6.60% a year ago. The average rate on the 15-year fixed mortgage also fell to 6.16% after coming in last week at 6.22%.
The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time," said Sam Khater, Freddie Mac’s chief economist. "Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.
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