Tag Archives: Sam Khater

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.

“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.

After the fixed-rate mortgage hit levels recorded 21 years ago, Freddie Mac reported a five-basis point week-over-week slip in rates, and despite continued high rates, the nation’s short supply is keeping house prices steady.

Hitting levels last recorded in 2001, Freddie Mac reports the fixed-rate mortgage at 7.23% this week, forcing more prospective buyers to back to the sidelines and pushing purchase activity to a 28-year-low.

Not since spring of 2002 have fixed-rate mortgages been as high as they were reported this week, and when combined with mortgage app volume sliding for the fourth straight week, affordability headwinds continue to impact housing demand.

Freddie Mac Chief Economist Sam Khater points out that "upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”

Freddie Mac reports mortgage rates still in excess of the 6.75% mark, as home buyers are increasingly turning to new construction to secure a home, and home builders are responding by picking up the rate of construction.

A slowdown in inflation caused the 30-year, fixed-rate mortgage to take an 18-basis point week-over-week plunge after nearly crossing the 7%-mark the week prior.

Nearing levels last recorded in November 2022, Freddie Mac reports the fixed-rate mortgage rose 15 basis points week-over-week and edged closer to the 7%-mark.