Freddie Mac says the average 30-year fixed mortgage rate edged up to 6.66% from
6.65% the prior week, versus 6.56% a year ago, further squeezing housing
affordability. Rates briefly fell below 6% before the late‑February Middle East
shock but have held above 6.5% since July with little sign of easing. Pantheon
Macroeconomics senior North America economist Thomas Ryan said high rates are
keeping the market stuck and that a fall to around 5% could materially release
suppressed demand, though what would push rates that low is unclear. July
new‑home sales fell to a six‑month low after single‑family contract signings
dropped 10.5% to a 607k annualized pace, below the 620k consensus.
