Marcus Lemonis says housing prices are high primarily because of shortages, not just regulations. He highlights the required permits and security checks, questioning claims that removing red tape will significantly lower prices.
Mortgage rates rose again this week to their highest level in a year, mortgage broker Freddie Mac said Thursday.
Freddie Mac's latest Primary Mortgage Market survey showed the average interest rate on a 30-year fixed-rate mortgage rose to 6.58% this week, up from 6.55% last week.
This week's reading is the highest in nearly 11 months, as the 30-year bond rate ended at 6.58% in Aug. 21, 2025. At this time last year, the rate was 6.74%.
HOUSING POWER TO IMPROVE AS HOME PRICE GROWTH COOLS, REALTOR.COM PREDICTIONS
An “Open House” sign in front of a home for sale in the Woodland Hills neighborhood of Los Angeles, California on July 13, 2025. (Photos by Eric Thayer/Bloomberg/Getty/ Getty)
“The 30-year mortgage averaged 6.58% this week,” Freddie Mac economist Sam Khater said.
“As market conditions continue to change, borrowers should remember that buying a home loan can make a significant difference, potentially saving them thousands over the life of the loan,” Khater said.
The average 15-year mortgage rate rose again to 5.96%, from 5.93% last week. Last year, a 15-year mortgage had an average rate of 5.87%.
HOME POWER TO START CRAWL BACK. THESE REGIONS ARE GOOD FOR FIRST TIME BUYERS
Mortgage rates are affected by several factors, including the Federal Reserve and geopolitics. Although mortgage rates are not directly affected by the Fed's interest rate decisions, they closely track the 10-year Treasury yield. The 10-year yield rose slightly to 4.699% as of Thursday afternoon.
“While home prices remain high, homebuyers may be better served by focusing on the full cost of owning a home rather than trying to predict where prices will be a few months from now,” said Jeff DerGurahian, chief investment officer and chief economist at LoanDepot.
“The tension between inflation and renewed conflict between the US and Iran is evident at today's levels, as oil prices raise concerns that higher energy costs could weigh on inflation in the future,” said DerGurahian.
RECORD HOME DIFFERENCES ASKING PRICES GIVE BUYERS THE POWER TO MOVE
A “New Listing” sign outside a home in Napa, California, US, Monday, May 6, 2024. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
The latest mortgage data comes as conditions in the housing market have improved somewhat for buyers, many of whom have been absent as tight inventory has supported higher home prices and relatively stable mortgage rates.
Realtor.com recently released a mid-year update to its 2026 housing market forecast that estimates home price growth will slow to 1.2% this year, a slower rate than the first forecast for the year and below the current pace of inflation. That means home prices will effectively fall in real, inflation-adjusted terms.
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