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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.
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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…
·United Kingdom
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Washington Top News+2 Reposted by 2 other sources
Five months after the U.S. and Israel started the war with Iran, rising oil prices and persistent inflation are leading to the...
·Chevy Chase, United States
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Mortgage Rates in US Rise to 6.66%, Highest Level in a Year
·New York, United States
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Total News Sources61
Leaning Left15Leaning Right5Center31Last UpdatedBias Distribution61% Center
Bias Distribution
- 61% of the sources are Center
61% Center
L 29%
C 61%
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