According to Freddie Mac, mortgage rates remained unchanged this week. The latest Primary Mortgage Market Survey from Freddie Mac revealed that the average rate on the 30-year fixed mortgage stayed at 6.76%, the same as last week. A year ago, the average rate on a 30-year loan was 7.09%. Chief economist Sam Khater noted that rates have been stable for weeks, leading to an uptick in purchase applications compared to the previous year. The average rate on the 15-year fixed mortgage also saw a slight decrease to 5.89% from 5.92% the previous week. However, there are ongoing challenges in the housing market, with affordability and supply issues hindering first-time homebuyers. Realtor.com CEO Damian Eales highlighted the impact of high interest rates on housing transactions, with a supply gap of 3.8 million homes reported.
