Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
The jump marks the sixth straight weekly increase and could add about $276 a month to a $400,000 home loan, Freddie Mac said.
- The U.S. mortgage market recorded its sixth consecutive week of rising rates, with the 30-year fixed-rate mortgage averaging 7.30% last week, pushing total application volume 6% lower.
- Rates continued to move higher to start this week, with the average on the 30-year fixed hitting 7.58% on Tuesday, as the bond market recalibrates expectations for Fed policy.
- Purchase applications fell 4% for the week, while refinance applications slid 9% and came in 56% under the comparable period from a year earlier.
- Borrowers are contending not only with higher interest rates but also with rising home prices, as the S&P Cotality Case-Shiller index showed national home prices advancing 1.9% year-over-year in July.
- "Government refinances declined 13 percent, with both FHA and VA applications experiencing double digit decreases over the week," said Joel Kan, an MBA economist, as buyers seek savings in riskier mortgages.
138 Articles
138 Articles
Average long-term US mortgage rate churns upward to its highest level in nearly 3 years at 7.28% - WXXV News 25
NEW YORK (AP) — The average long-term U.S. mortgage rate jumped this week to its highest level in nearly three years. The benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the average rate was 6.34%. It is the sixth consecutive week that mortgage rates have increased. The average...
The U.S. housing market is freezing as mortgage rates have risen to 7.28%. Rising bond yields have increased the burden on buyers, causing a transaction slump, which is expected to lead to a contraction in related industries such as home appliances and construction, as well as a decline in consumption. This pressure on the real economy originating from the U.S. is expected to place a significant burden on the economies of export-oriented countri…
As international bond yields surge, mortgage rates backed by housing are also rising at their steepest rate in four years. This is the clearest signal that interest rate hikes are spreading throughout the real economy, driven by recent sell-offs in the bond market. According to Freddie Mac, the U.S. Housing Finance Corporation, 30-year fixed-rate mortgages
Mortgage rates surge once again
Welcome to The Hill’s Business & Economy newsletter {beacon} Business & Economy Business & Economy The Big Story Mortgage rates spike again to 7.28 percent The average 30-year fixed mortgage rate rose to 7.28 percent this week, worsening conditions for prospective homebuyers. © Keith Srakocic, Associated Press The average 30-year mortgage rate increased by…
Mortgage rates continue to rise.
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