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Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a row
Higher borrowing costs are slowing home sales and refinancing, with mortgage applications falling for the fifth straight week, the Mortgage Bankers Association said.
- The average long-term mortgage rate climbed to 7.40% this week, reaching its highest level in nearly three years, according to mortgage buyer Freddie Mac.
- Rates generally follow the 10-year Treasury yield, which lenders use to price home loans; this yield has risen to levels unseen since 2002 due to inflation and Federal Reserve policy.
- Mortgage applications fell for the fifth consecutive week as higher rates discourage refinancing and home buying, according to the Mortgage Bankers Association.
- For a borrower financing a $400,000 home loan, the 1.42 percentage point rate increase since the start of the conflict in Iran translates into an additional monthly cost of $376.
- Sales of previously occupied homes fell 2% last month to a seasonally adjusted annual rate of 3.98 million units, the slowest pace in more than a year, the National Association of Realtors reported.
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Associated Press News+5 Reposted by 5 other sources
Average long-term US mortgage rate at highest level in nearly 3 years after 7th weekly rise in a row
Mortgage rates marched higher for the seventh week in a row, driving the average long-term U.S. home loan rate to its highest level in nearly three years.
·New York, United States
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Coverage Details
Total News Sources7
Leaning Left4Leaning Right1Center2Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
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