By Arlenys Tabare
03 Oct 2024, 2:48 PM EDT
According to a latest market survey carried out by Freddie Mac, Mortgage rates in the United States rose slightly again to 6.12% after falling to 6.08% last week.
In the report published this Thursday it was also known that The 15-year fixed mortgage rate rose slightly to 5.25% from 5.16% last week compared to the 6.78% recorded a year ago.
In this regard, Sam Khater, chief economist at Freddie Mac, highlighted that “the decline in mortgage rates has stalled due to a combination of growing geopolitical tensions and a rebound in short-term rates that indicate that market enthusiasm for the rate cuts were very premature,” he said.
Although a year ago the mortgage rate on a 30-year loan was 7.49%, the analyst indicated that “if we analyze the general picture, rates have decreased by one and a half percentage points in the last 12 monthshome price growth is slowing, inventory is increasing and incomes continue to increase,” he noted.
As a result, this creates a more positive outlook for buyers who approach the real estate market with expectations a few months before the end of the year and who hope to continue lowering mortgage rates. The same for homeowners, nearly 80% of whom have a rate below 5%, according to a survey conducted by Zillow at the end of September.
Keep reading:
- How the Fed’s interest rate cut benefits or affects you
- How much do Americans think they need to earn to feel financially secure?
- How much would you pay per month for a $300,000 mortgage?