Lumber Market News Fixed-rate mortgages continue to decline in week ending July 18
Posted on July 18, 2024
Freddie Mac released its Primary Mortgage Market Survey® for the week ending Thursday, July 18th.
The average 30-year fixed-rate mortgage was 6.77%, down from last week's average of 6.89%. At the same time a year ago, 30-year rates averaged 6.78%.
The average 15-year fixed-rate mortgage was 6.05%, down from last week's average of 6.17%. At the same time a year ago, 15-year rates averaged 6.06%.
Commenting on this week's survey results, Freddie Mac Chief Economist Sam Carter said:
“The 30-year fixed-rate mortgage fell to its lowest level since mid-March, down 12 basis points since last week. Mortgage rates are heading in the right direction and the economy remains resilient, two positive signs for the housing market. However, homebuyers have not yet responded to the lower interest rates, and purchase application demand remains about 5% lower than in the spring, when rates were about the same. This is not unusual. Falling interest rates can also weaken demand, and this apparent contradiction is caused by buyers not wanting interest rates to fall further before they make a purchase decision.”
FEA collects Wood Markets News from a variety of third-party sources to provide readers with the latest news affecting forest products markets. The opinions and views expressed in these articles do not necessarily reflect those of FEA.
Source link