The 30-year mortgage rate is averaging at 6.66%, Freddie Mac said in its latest weekly survey on Thursday.
The numbers: Mortgage rates took a breather from its march towards 7% this week, as the economic outlook looks uncertain.
That’s down 4 basis points from the previous week — one basis point is equal to one hundredth of a percentage point, or 1% of 1%.It’s worth noting that Mortgage News Daily, which follows day-to-day movement in mortgage rates, is noting that the 30-year is at 6.95%. “‘Rates remain quite high compared to just one year ago, meaning housing continues to be expensive for potential home buyers.’”“Rates remain quite high compared to just one year ago,” Sam Khater, chief economist at Freddie Mac, said in a statement, “meaning housing continues to be expensive for potential home buyers.”The adjustable-rate mortgage, or ARM, averaged 5.36%, up from the prior week.
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