Average 30-year US mortgage rate rises to highest level in a year at 6.66%
Higher oil prices and a divided Federal Reserve helped push borrowing costs up, adding hundreds of dollars a month for many buyers, analysts said.
- The average long-term mortgage rate rose for the fourth consecutive week to its highest level in a year, Freddie Mac said Thursday. The benchmark 30-year fixed rate mortgage increased to 6.66% from 6.58% last week.
- Rising mortgage rates follow the trajectory of the 10-year Treasury yield, which lenders use to price home loans. Upward pressure stems from the conflict in Iran driving crude oil prices higher this year and fueling inflation expectations.
- Refinance applications fell 10% as high rates significantly impact borrowers. "This upward trajectory in rates continues to significantly impact refinance borrowers," said Joel Kan, MBA's deputy chief economist, citing ongoing affordability challenges.
- With the Federal Reserve set to announce interest rate decisions, expectations for further hikes within two months suggest little prospect for a mortgage rate pullback soon. Lenders remain sensitive to the inflation outlook as they await Fed guidance.
78 Articles
78 Articles
US Homebuying Demand Falls as Mortgage Rates Hit One-Year High
Homebuying demand across the United States is declining, with pending home sales falling to the lowest level since early April for the four weeks ending July 26. Pending home sales refer to signed sales contracts that have not yet closed and are often seen as an indicator of future existing home sales. A lower figure suggests a cooling housing market, with diminished future closed home sales. For the week ending July 26, pending home sales decl…
U.S. 30-Year Mortgage Rate Hits Yearly High of 6.66%.
The average 30-year fixed mortgage rate has risen to 6.66 percent, adding financial strain on prospective homebuyers.PULSE POINTS WHAT HAPPENED: The average rate on a 30-year fixed U.S. mortgage has climbed for the fourth consecutive week, reaching its highest level in a year and adding another challenge for prospective homebuyers facing elevated borrowing costs. Mortgage buyer Freddie Mac reported Thursday that the benchmark rate increased to …
Average 30-year US mortgage rate rises to highest level in a year at 6.66% - WXXV News 25
By ALEX VEIGA The average long-term U.S. mortgage rate rose for the fourth consecutive week to its highest level in a year, another setback for prospective homebuyers hoping for a break from elevated home loan borrowing costs. The benchmark 30-year fixed rate mortgage rate rose to 6.66% from 6.58% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 6.72%. Higher mortgage rates can add hundreds of dollars a m…
US Mortgage Rates Hit 6.66%, the Highest in a Year, as Oil Prices and Stubborn Inflation Squeeze Buyers
US mortgage rates have surged to 6.66 per cent, their highest level in a year, piling fresh pressure on homebuyers as stubborn inflation and higher oil prices push borrowing costs sharply higher. Data released on Thursday by Freddie Mac showed a jump from 6.58 per cent the previous week, driven by persistent inflation and rising energy prices linked to ongoing geopolitical conflict. The increase marks the steepest one-week rise in borrowing cost…
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