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Housing: 30-year average mortgage rates dip to 6.66%

Yahoo Finance Live anchor Dave Briggs shares the latest data on mortgage rates.

Video Transcript

- A sliver of good news for potential homebuyers. Today's mortgage rates falling slightly after rising for six straight weeks. The 30-year fixed falling to 6.66%, as you can see on the screen, from 67% a week ago. That's according to Freddie Mac and their chief economist attributing the drop to, quote, "ongoing economic uncertainty." Rate still over more than double what they were one year ago.

In practical terms, that means an average monthly mortgage more than $1,000 per month more than this time last year on a $500,000 loan. Meanwhile, the median monthly mortgage rate is up $800 just since January. A little bit more context, current rates will actually cost prospective buyers around $100,000 in actual homebuying power compared to a year ago.

Overall, though, the story remains unchanged. New listings fell for the 13th straight week they are down 17% from a year ago. Homes are sitting on the market for longer by an average of six extra days compared to a year ago. And projections still suggest we will see 7% mortgage rates in the 30-year fixed before we'll see 6.%.

Obviously, mortgage rates do not rise in full directly with Fed action, more tied to the 10-year. But needless to say, if the Fed goes for another 75-point hike, which they are expected to, we will see rates continue to climb, Seana.