Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis shed light on the state of the US economy in the new year.
Mortgage rates rose for a third week in a row to their highest level since July, further curbing demand in an already stagnant housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the benchmark rate average. 30 year fixed mortgage changed to -6.91% compared to last week’s reading day changed by 6.85%. The average rate for a 30-year mortgage was 6.62% last year.
Mortgage rates continued to rise this week, with the average 30-year fixed rate approaching 7%. (Getty Images / Getty Images)
“At just seven percent, mortgage rates are at their highest level in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, prices have increased and market dynamics are persistent.”
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The average 15-year mortgage rate rose to 6.13% from 6.0% last week. Over the past one year, the 15-year fixed rate has averaged 5.89%.
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