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Some Homeowners Have Been Waiting for Mortgage Relief for Years. Many of Them Are Losing Hope.
Refinancing remains out of reach for many owners as the average 30-year fixed mortgage rate hit 6.71%, Freddie Mac said.
- On Thursday, the average 30-year mortgage rate reached 6.71%, a new high for the year, according to Freddie Mac. CNN spoke with a half-dozen homeowners fearing refinancing delays.
- More Americans hold mortgage rates above 6% than below 3% for the first time since the pandemic, according to Redfin analysis of FHFA data. Rates have largely hovered above 6% for four years.
- Tucson, Arizona resident Ossa pays nearly $900 more monthly than for her previous home and now works a second job to cover payments. The mortgage rate difference between 3% and 6% equates to hundreds of thousands in interest over the loan's life.
- East Moriches, New York business owner David Belmonte carries a 7.2% mortgage with monthly payments around $6,000. Immigration crackdowns have forced half his workforce to leave, making income less predictable and slowing project completion.
- Financial advisers note refinancing is worthwhile only if rates drop at least one percentage point. With rates recently reversing course after geopolitical events, many homeowners fear their refinancing plans could be delayed by years.
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Coverage Details
Total News Sources12
Leaning Left2Leaning Right0Center9Last UpdatedBias Distribution82% Center
Bias Distribution
- 82% of the sources are Center
82% Center
L 18%
C 82%
Factuality
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