The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home prices caused a lack of supply.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan jumped to 7.09% from 6.96% last week. That’s the highest since April of 2002, when the average rate clocked in at 7.13%.One year ago, the rate averaged 5.13%.
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist. “Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.” The average rate on a 30-year mortgage remains more than double what it was two years ago, when it was just 2.86%. Those ultra-low rates spurred a wave of home sales and refinancing. The sharply higher rates now are contributing to a dearth of available homes, as homeowners who locked in those lower borrowing costs two years ago are now reluctant to sell and jump into a higher rate on a new property.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, climbed to 6.46% from 6.34% last week. A year ago, it averaged 4.55%, Freddie Mac said. The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Hot weather drives up average JEA utility bill 24%, JEA saysJacksonville saw its warmest July on record at the international airport since 1956, which means many utility bills have increased.
Baca lebih lajut »
BoE Faces Pressure Following Average Earnings Spike as Unemployment Rises, GBP/USD BidUK unemployment rises to levels last seen in late 2021. Average earnings touted as key by the BOE smashed estimates and is likely to add pressure on the Central Bank to keep its foot on the rate hike pedal.
Baca lebih lajut »
Tesla's Average Transaction Price Was $54,660 In July, Down 20% YOYTesla helped bring down EV average transaction prices nearly 18 percent year over year in July 2023 to $53,469 from $65,108 one year ago.
Baca lebih lajut »
Tesla's Average Transaction Price Was $54,660 In July, Down 20% YOYTesla helped bring down EV average transaction prices nearly 18 percent year over year in July 2023 to $53,469 from $65,108 one year ago.
Baca lebih lajut »
Hot weather drives up average JEA utility bill 24%, JEA saysJacksonville saw its warmest July on record at the international airport since 1956, which means many utility bills have increased.
Baca lebih lajut »
Average San Diego County gas price rises for 23rd day in a row, reaching $5.235 -SAN DIEGO (CNS) – The average price of a gallon of self-serve regular gasoline in San Diego County rose Wednesday for the 23rd consecutive day, increasing four-tenths of a cent to $5.235. The average price has increased 28.6 cents over the past 23 days, including 2.6 cents Tuesday, after dropping 1.3 cents over the preceding week, according to figures from...
Baca lebih lajut »