Mortgage rates tick down to 7.09%
Mortage rates decline for the first time since March after rising for five straight weeks
Homeownership is poised to become even more challenging: Katrina Campins
'Mansion Global' host and Fox News real estate contributor Katrina Campins weighs in on February housing data and the NAR proposing new commission rules.
Mortgage rates dipped slightly this week for the first time since March, 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 declined to 7.09% this week from 7.22% last week. The average rate on a 30-year loan was 6.35% a year ago.
A "New Listing" sign outside a home in Napa, California. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The average rate on the 15-year fixed mortgage dropped to 6.38% from 6.47% last week. One year ago, the rate on the 15-year fixed note averaged 5.75%.