Business, Finance & Tech
Mortgage Rates Stable, Housing Market Faces Declines in Applications and Home Prices
Mortgage rates remained steady last week, with the average contract interest rate for 30-year fixed-rate mortgages holding at 7.02%. This follows a slight dip in mortgage applications, with refinancing applications dropping 7% compared to the previous week, although they remain 5% higher than the same week last year. Similarly, home purchase mortgage applications saw a small decrease of 0.4% from the week prior and are down 7% compared to this time in 2024.
The rate for a 30-year mortgage was reported at 7.06%, while 15-year fixed mortgages had a slightly lower rate of 6.48%.
The latest data from the Case-Shiller Index indicates a modest year-over-year drop in home prices for November, which aligns with expectations as the housing market adjusts. This trend may be contributing to the decrease in mortgage applications as potential buyers and homeowners continue to navigate the evolving market.
The stability in mortgage rates offers a sense of consistency, but the broader housing market remains challenged by lower application numbers and modest declines in home prices.
Market Briefs contributed to this report.
By: NBC Palm Springs
January 30, 2025
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