Mortgage rates fell for a sixth consecutive week to the lowest level successful much than 2 months, mortgage purchaser Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the mean complaint connected the benchmark 30-year fixed owe decreased to 6.76% from past week's speechmaking of 6.85%. The mean complaint connected a 30-year indebtedness was 6.94% a twelvemonth ago.
"The driblet successful owe rates, combined with modestly improving inventory, is an encouraging motion for consumers successful the marketplace to bargain a home," said Sam Khater, Freddie Mac’s main economist.
MORTGAGE RATES FALL FOR FIFTH WEEK IN A ROW, HOVER NEAR 7%
The mean complaint connected the 15-year fixed owe fell to 5.94% from 6.04% past week. One twelvemonth ago, the complaint connected the 15-year fixed note averaged 6.26%.
US PENDING HOME SALES FALL TO RECORD LOW IN JANUARY
Mortgage rates ranged from 6.91% to 7.04% successful January, and the National Association of Realtors (NAR) said that successful examination to 1 twelvemonth ago, the monthly owe outgo connected a $300,000 location accrued by an other $50 to $1,590.
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NAR reported connected Thursday that its pending location income index fell to the lowest level connected grounds successful January owed to the treble whammy of precocious owe rates and precocious location prices. Pending location income were down 5.2% compared with a twelvemonth ago.
"It is unclear if the coldest January successful 25 years contributed to less buyers successful the market, and if so, expect greater income enactment successful the upcoming months," said NAR main economist Lawrence Yun. "However, it's evident that elevated location prices and higher mortgages strained affordability."
FOX Business' Eric Revell contributed to this report.
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