DeBianchi Real Estate’s Sam DeBianchi discusses mortgage rates and shares his outlook for the housing market next year.
Mortgage rates continued to fall this week to their lowest level since September as the latest economic data showed signs of easing. price is price.
The rate is over 30 years fixed mortgage fell to 6.15% on Thursday from 6.33% last week, according to mortgage broker Freddie Mac. Last year, the average rate was 3.56%.
“It’s like the economy continues to moderate, Mortgage rates fell again this week,” said Freddie Mac Chief Economist Sam Khater. “Rates are at their lowest level since September of last year, increasing demand from home buyers and builders.”
Contractors work on a building under construction in Antioch, California, US, on Tuesday, June 14, 2022. (Photo: David Paul Morris/Bloomberg via Getty Images / Getty Images)
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“The reduction in prices is giving a big boost to the housing market, but the supply of housing remains a concern,” added Khater.
Meanwhile, the average 15-year fixed rate mortgage fell to 5.28% from last week when it averaged 5.52%. Last year, it was about 2.79%.
A sharp rise in mortgage rates over the past year has taken a toll on the housing market, with existing home sales falling. for 10 straight months at the lowest level in more than a decade.
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Home sales are down slightly from last year. Home Sales Wf 2
Although consumer prices have declined for the sixth straight month, Fed officials have indicated they may raise the central bank’s key lending rate. in the next three-quarters of the matai in 2023, which will be between 5% and 5.25%.
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The Associated Press contributed to this report