Mortgage rates tick down, still stuck near 7%
The average rate for a 30-year fixed-rate mortgage is at 6.89%
The Bahnsen Group founder and CIO David Bahnsen surveys the real estate market as younger homebuyers struggle with the ongoing housing crisis.
Mortgage rates fell slightly this week but are still hovering around 7%, remaining uncomfortably high for many would-be buyers.
Freddie Mac's latest Primary Mortgage Market Survey, released Wednesday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.89% this week from 6.95% last week. The average rate on a 30-year loan was 6.96% a year ago.
A recently sold home in the Issaquah Highlands area of Issaquah, Washington, is seen on April 16. (David Ryder/Bloomberg via Getty Images / Getty Images)
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The average rate on the 15-year fixed mortgage also declined, dropping to 6.17% from 6.25% last week. One year ago, the rate on the 15-year fixed note averaged 6.30%.