Mortgage rates level off 2% higher than 10 years ago

For the first time in six weeks, mortgage rates at Christina Carilla are leveling off. That's according to Freddie Mac's latest survey. I jumped the gun a little bit, I apologize. Just a smidge. I'm excited. Fox's Kennedy Hayes is live with what this means for homebuyers and sellers. Kennedy. John and Christina, well, economists say homebuyers are waiting to see if rates will dip. One man says he's been trying to sell his home for more than a year. I think a lot of people are just waiting on the sidelines. They were waiting for the election and they're also waiting to see what's going on with interest rates dropping. In the latest Freddie Mac survey released yesterday, the average rate on the benchmark 30-year fixed mortgage barely moved, sitting at 6.78 percent after last week's reading of 6.79. And even though this is the first time rates stopped climbing in six weeks, mortgage payments remain more than 2 percent higher than they were a decade ago. High mortgage rates are stalling the housing market, and some homeowners don't want to trade in their low rates for higher ones. The majority of mortgage holders have a rate below 5 percent, according to a Zillow survey, but economists say now may be the best time for buyers to make a move. Inventory is low in the housing market, so if you find a house you love, you can always refinance later on. Plus, we don't yet know how the next administration's policies could affect mortgage rates. Given that we had the election last week, a lot of investors have been thinking about the implications of increased tariffs, like President Trump has been talking about, and they've also been thinking about what are the likely outcomes of the debates around tax cuts next year. And if you are searching for a home, researchers say it's a good idea to get a lender that can help you and your real estate agent find the best options for you. In Denver, Kennedy Hayes, Fox 10 News.