Freddie Mac 30 year mortgage rate down to 6.74%. Little changed from last week | investingLive

Freddie Mac is a saying that the 30-year mortgage rate for the week is down to 6.74% marginally lower than last week’s level.

The new-home sales and existing home sales this week came in weaker than expectations. The mortgage rates continue to be elevated which is one of the reasons why Trump is calling for lower rates. Of course, a mortgage rate is largely determined by the 10 year yield which may or may not go lower if the Fed were to cut the Fed funds rate.

Looking at the chart above, the mortgage rate since November has been between 6.68% and 7.04%. That is not a lot of movement in a housing market that is looking for lower rates to unclog some of the clog.