Average long-term US mortgage rates rose to 5.66% this week, showing no relief for a cramped housing market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%.
A once red-hot housing sector has cooled considerably, with many potential home buyers getting pushed out of the market as higher interest rates have added hundreds of dollars to monthly mortgage payments. As a result, sales of existing homes in the US have fallen for six straight months, according to the National Association of Realtors.
Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for US Treasurys.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bill Turnbull: Former BBC Breakfast presenter dies aged 66The presenter hosted BBC Breakfast for 15 years and more recently hosted programmes on Classic FM.
Read more »
Bend shooting: Safeway employee 'attacked the suspect with a produce knife he kept on his hip,' police sayThe Bend Police Department said Tuesday that Donald Ray Surrett, Jr., a 66-year-old Safeway employee, attacked a gunman with a produce knife inside the store.
Read more »
Graffiti Artist Futura Was a Peer of Basquiat and Haring—and Then Left the Art World Completely. Now, at 66, He's Making His Way Back | Artnet NewsThe graffiti legend and master of merch has a new epically-proportioned gallery show—and much more on the horizon.
Read more »
Fed fears drive mortgage rates up to 5.66%At the current 30-year average, a borrower with a $600,000 mortgage would pay $3,468 a month, about $902 more than at the end of last year.
Read more »
Texas’ housing market shows signs of cooling down after the pandemic drove it to new heightsTexas had more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros. Sellers have had to cut prices to entice buyers.
Read more »