Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis shed light on the state of the US economy in the new year.
Home mortgage rates rose this week, dampening overall demand as more Americans are reluctant to refinance.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the benchmark rate average. 30 year fixed mortgage rose to 6.72%, from last week’s reading of 6.6%. The average rate for a 30-year mortgage was 6.67% last year.
Mortgage rates rose this week, hovering around the same level as last year. (Getty Images / Getty Images)
“This week, mortgage rates rose to the same rate as this time in 2023,” said Sam Khater, Freddie Mac’s chief economist. “For the most part, mortgage rates have hovered between 6 and 7 percent over the past 12 months. Home buyers are slowly digesting these higher rates and are gradually willing to move forward with purchasing a home, leading to more buying activity.”
The average 15-year mortgage rate rose to 5.92% from 5.84% last week. Over the past one year, the 15-year fixed rate has averaged 5.95%.
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The Mortgage Bankers Association (MBA) reported on Wednesday that mortgage applications fell 0.7% overall on a seasonally adjusted basis from last week due to rate hikes, which led to a 3% drop in refinancing applications.
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