US 30-Year Mortgage Rate Tops 7%, Hits 2-Year High
Mortgage applications fell 1.5% last week as refinance demand slowed and nearly 10% of borrowers chose 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.
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30-year mortgages in the United States reached an average rate of 7.03%, their highest level since January 2025.
30-year mortgage rates in the US reached 7.03 percent, the highest level since January 2025, according to Freddie Mac.The increase coincides with the rise in the Treasury bond and inflation, affecting the real estate market and home sales.
Washington, Sep 24 (EFE).- The average interest rates for mortgage loans to buy a home, with a term of 30 years and a fixed interest throughout the credit, rose this week in the United States to 7,03 %, its highest level since January 2025 and the highest recorded during the second [...] Entry Mortgage rates in the United States rise to 7,03 %, peaking during Trump's second term was first published in HolaNews.
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