Heritage Foundation economist Peter St. Onge offers his analysis on the housing unaffordability crisis on The Bottom Line.’
Mortgage rates climbed again this week, exacerbating the home affordability crisis that is stifling the housing market.
An “Open House” sign outside of a home in Washington, D.C., on Nov. 19, 2023. (Nathan Howard/Bloomberg via Getty Images / Getty Images)
Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage jumped to 7.17% this week from 7.1% last week. The average rate on a 30-year loan was 6.43% a year ago.
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The average rate on the 15-year fixed mortgage rose to 6.44% from 6.39% last week. One year ago, the rate on the 15-year fixed note averaged 5.71%.
