US 30-Year Mortgage Rate Tops 7%, Hits 2-Year High
Mortgage demand weakened as refinance applications fell 62% from a year earlier and borrowers shifted toward adjustable-rate loans, the Mortgage Bankers Association said.
- On Friday, Sept. 18, the average 30-year fixed mortgage rate climbed to 7.12%, reaching its highest level since 2024 according to the Mortgage Bankers Association.
- Rising mortgage costs follow the Federal Reserve's quarter-point rate hike to the 3.75%-4.00% range, while higher global oil prices pushed up Treasury yields that underpin residential borrowing costs.
- Colorado home sales fell 11.3% in August as high rates chilled the market, with pending contracts dropping 3.7% year over year amid affordability concerns.
- Adjustable-Rate mortgages now account for 9.8% of applications as borrowers seek lower upfront costs to manage immediate affordability pressure.
- Despite the challenging backdrop, analysts identify value in housing stocks like Dream Finders Homes and Walker & Dunlop for investors with a 5-10-year time horizon.
51 Articles
51 Articles
Although activity in the sector slowed down at the end of the summer, increases in mortgage rates are further slowing down the real estate market
(New York = Yonhap News) Correspondent Kim Yeon-sook = The average interest rate for 30-year fixed-rate mortgages in the U.S. continued its upward trend, surpassing 7% and reaching its highest level in over two years...
US 30-year Mortgage Rate Climbs to 7.12% as Borrowing Costs Surge
Get latest articles and stories on Business at LatestLY. The average US fixed 30-year mortgage rate jumped to 7.12 per cent, reaching its highest level in more than two years, according to Reuters. The surge followed a short-term policy interest rate hike by the Federal Reserve aimed at curbing persistent inflation, alongside rising oil prices that pushed up underlying residential borrowing benchmarks. Business News | US 30-year Mortgage Rate Cl…
Coverage Details
Bias Distribution
- 62% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
