Mortgage Rates Remain Flat

Mortgage rates continued to stay above seven percent this week as the Federal Reserve paused its interest rate hikes, according to Freddie Mac.  With these high rates, housing demand is cooling off and homebuilders are feeling the effect, Fannie Mae said in its report yesterday. For the first time in serval months builder sentiment has declined and construction levels have dropped to a three-ear low.  This, too, is likely to have an impact on the housing supply, the report noted

Presently, the average 30-year fixed rate mortgage stands at 7.19 percent, said Freddie Mac. A year ago it was 6.64 percent.  Meanwhile, the 15-year fixed rate mortgage now is 6.54 percent, up from 5.93 percent a year ago.