Kudlow panelists Steve Forbes, David Bahnsen and Jackie DeAngelis unpack the state of the US economy heading into the new year.
Mortgage rates rose for a third week in a row to their highest level since July, further dampening demand in an already stagnant housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the benchmark average rate 30-year fixed mortgage jumped to 6.91%, from last week’s reading of 6.85%. The average rate on a 30-year loan was 6.62% a year ago.
Mortgage rates continued to rise this week, with the average 30-year fixed rate approaching 7%. (Getty Images/Getty Images)
“Up to just seven percent, mortgage rates hit their highest point in nearly six months,” said Sam Khater, Freddie Mac’s chief economist. “Compared to this time last year, rates are up and market affordability headwinds continue.”
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The average 15-year fixed mortgage rate climbed to 6.13% from 6.0% last week. A year ago, the 15-year fixed note rate averaged 5.89%.
