James Bullard, former president and CEO of the Federal Reserve Bank of St. Louis, looks ahead to the next interest rate decision, analyzes employment data, and reacts to Chair Yellen’s housing development policy.
Mortgage rates rose this week, approaching 7% again, as interest rates remain high and continue to hold back the housing market.
According to Freddie Mac’s latest Primary Mortgage Market Survey, released Wednesday, the average benchmark interest rate is 30-year fixed rate mortgage That’s up from 6.86% last week to 6.95% this week. The average rate on a 30-year mortgage was 6.81% a year ago.
Homes for sale in Austin, Texas, May 22, 2024. High interest rates continue to stagnate the housing market. (Brandon Bell/Getty Images/Getty Images)
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The average interest rate on a 15-year fixed mortgage also rose, jumping to 6.25% from 6.16% last week. A year ago, the average interest rate on a 15-year fixed loan was 6.24%.