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Rates for mortgages decrease for two consecutive weeks, reports Freddie Mac.

Weekly mortgage rates have decreased, as per data from Freddie Mac announced on Thursday. The average rate for a 30-year fixed mortgage now stands at 6.76%, dropping from last week's 6.81%.

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Weekly mortgage rates experienced a drop, as indicated by data from Freddie Mac published on...
Weekly mortgage rates experienced a drop, as indicated by data from Freddie Mac published on Thursday. The average interest rate on a 30-year fixed mortgage now stands at 6.76%, a decrease from the previous week's 6.81%.

Slashing Home Loan Rates: Making Dream Homes a Reality Again, Says Bill Pulte

Rates for mortgages decrease for two consecutive weeks, reports Freddie Mac.

Hop on board as we delve into the world of real estate with Federal Housing Finance Agency director, Bill Pulte, as he discusses on 'Making Money' how President Donald Trump is making home ownership a reality once more.

For the past two weeks, mortgage rates have nosedived, according to mortgage buyer Freddie Mac. The latest Primary Mortgage Market Survey published by Freddie Mac on Thursday indicates that the average rate for the 30-year fixed mortgage has slipped to 6.76% from last week's 6.81%. A year prior to this, the average rate stood at 7.22%.

"The recent weeks have seen the rates for the 30-year fixed-rate mortgage plummet lower than the first-quarter average of 6.83%," remarked Sam Khater, Freddie Mac's economist-in-chief.

*IS THE US HOUSING MARKET WELCOMING BUYERS AGAIN?*

The latest figures note a slight descent in the average rate of the 15-year fixed mortgage to 5.92%, down from last week's 5.94%. A year ago, the rate for the 15-year fixed note stood at 6.47%.

*STARS OF THE HOUSING MARKET: WHICH STATES ARE MAKING WAVES, ACCORDING TO REALTOR.COM?*

For years, the housing market has been fraught with issues of affordability and supply, making it a thorny path for first-time home buyers.

"America is essentially stuck in a rut regarding housing transactions. Over the past couple of years, we've been registering 30-year lows due to sky-high interest rates," Damian Eales, CEO of Realtor.com, expressed during a recent 'Mornings with Maria' segment. "Current mortgage rates hover around 6.8%, and they might even climb higher in the near future. Sellers are reluctant to part with their properties due to the expense of refinancing at higher rates."

According to a March report from Realtor.com, there's a staggering gap of 3.8 million homes in the market.

Eales expressed optimism that all the components of the economy would synchronize, leading to a relaxation of mortgage rates.

Contributions to this report made by FOX Business' Aislinn Murphy.

  1. Bill Pulte, the director of the Federal Housing Finance Agency, discusses how President Donald Trump is making home ownership more attainable by slashing mortgage rates.
  2. Over the past two weeks, the average rate for the 30-year fixed mortgage has dropped to 6.76%, according to mortgage buyer Freddie Mac.
  3. Sam Khater, Freddie Mac's economist-in-chief, noted that the rate for the 30-year fixed-rate mortgage has plummeted lower than the first-quarter average.
  4. The average rate for the 15-year fixed mortgage has also slightly decreased, now standing at 5.92%.
  5. Damian Eales, CEO of Realtor.com, expressed concern that despite the recent drop in mortgage rates, the housing market has been struggling with affordability and supply issues for years.
  6. A March report from Realtor.com revealed a gap of 3.8 million homes in the market, indicating a continued challenge for first-time home buyers despite the recent changes in mortgage rates.

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