Former Federal Reserve Bank of St. Louis President and CEO James Bullard looks ahead to the next rate decision, unpacks jobs data and reacts to Yellens housing development.
Mortgage rates increased this week, approaching nearly 7% again as rates remain stubbornly high and continue to hinder the housing market.
Freddie Mac’s latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark 30-year fixed mortgage climbed to 6.95% this week from 6.86% last week. The average rate on a 30-year loan was 6.81% a year ago.
A home available for sale is shown on May 22, 2024 in Austin, Texas. High interest rates continue to stall the housing market. (Brandon Bell/Getty Images / Getty Images)
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The average rate on the 15-year fixed mortgage also rose, jumping to 6.25% from 6.16% last week. One year ago, the rate on the 15-year fixed note averaged 6.24%.
