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Mortgage rates drop faintly, ending 6-week hike
(MENAFN) Mortgage volumes hardly moved this week after marching higher for the previous month and a half, while retail demand stays stalled in the stagnant housing market.
Freddie Mac's recent Primary Mortgage Market Survey, published Thursday, revealed that the average volume on the benchmark 30-year fixed mortgage dropped to 6.78 percent from previous week's volume of 6.79 percent. The average volume on a 30-year debt was 7.44 percent a year ago.
"After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers," stated Sam Khater, Freddie Mac’s chief economist, adding "Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades."
Many would-be purchasers and sellers are holding out to see if volumes drop further. nowadays, around 80 percent of mortgage holders have a volume under 5 percent, based on a Zillow survey.
Freddie Mac's recent Primary Mortgage Market Survey, published Thursday, revealed that the average volume on the benchmark 30-year fixed mortgage dropped to 6.78 percent from previous week's volume of 6.79 percent. The average volume on a 30-year debt was 7.44 percent a year ago.
"After a six-week climb, rates have leveled off, but overall affordability continues to be an issue for potential homebuyers," stated Sam Khater, Freddie Mac’s chief economist, adding "Our latest research shows that mortgage payments compared to rents on the same homes are elevated relative to most of the last three decades."
Many would-be purchasers and sellers are holding out to see if volumes drop further. nowadays, around 80 percent of mortgage holders have a volume under 5 percent, based on a Zillow survey.
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