Mortgage rates started the New Year moving closer to the 7% mark, according to the latest Primary Mortgage Market Survey from Freddie Mac (OTCQB: FMCC).
The 30-year fixed-rate mortgage averaged 6.91% as of Jan. 2, up from last week when it averaged 6.85%. A year ago at this time, it averaged 6.62%.
The 15-year fixed-rate mortgage averaged 6.13%, up from last week when it averaged 6.0%.A year ago at this time, it averaged 5.89%.
“Inching up to just shy of seven percent, mortgage rates reached 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 headwinds persist. However, buyers appear to be more inclined to get off the sidelines as pending home sales rise.”
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I BEG TO DIFFER, AS I FEEL IN THE LONG RUN INTEREST RATES WILL BE COMING DOWN AND MORTGAGE RATES WILL BE IN THE FIVES COMING SOON. WHEN THE COST OF ENERGY COMES DOWN SO WILL INTEREST RATES. DRILL BABY DRILL, AND RATES WILL COME DOWN.