Mortgage rates drop for second straight week to 7.02%
The average rate on the 15-year fixed mortgage also fell
Madison Ventures managing director Mitch Roschelle analyzes the housing market and reveals some of the best places to live outside of big cities on ‘The Big Money Show.’
Mortgage rates declined for a second consecutive week but remain above 7% as a home affordability crisis maintains its grip on the housing market.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 7.02% this week from 7.09% last week. The average rate on a 30-year loan was 6.39% a year ago.
A recently sold home in the Issaquah Highlands area of Issaquah, Washington, 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 fell to 6.28% from 6.38% last week. One year ago, the rate on the 15-year fixed note averaged 5.75%.