In its latest Primary Mortgage Market Survey, the Federal Home Loan Mortgage Corporation (Freddie Mac) revealed that 30-year fixed rate mortgages averaged 7.18 per cent, down from last week when they were 7.23 per cent. A year ago, the average was 5.66 per cent.
Sam Khater, Freddie Mac’s chief economist, noted that, despite the marginal fall, rates were still high and forecasts for the future direction of travel were uncertain.
He said: “As rates remain high and supply of unsold homes woefully low, incoming data shows that existing homes sales continue to fall. However, there are slightly more new homes available, and sales of these new homes continue to rise, helping provide modest relief to the unyielding housing inventory predicament.
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