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Average US long-term mortgage rate rises again, inching up to 6.24%
The average 30-year mortgage rate rose for a second week to 6.24%, impacting homebuyers' purchasing power and refinancing activity, Freddie Mac reported.
- Freddie Mac said Thursday the 30-year U.S. mortgage rate rose to 6.24% from 6.22%, marking a second weekly increase since two weeks ago.
- Market forces tied to the 10-year Treasury yield influenced lenders' pricing as mortgage rates reflect Federal Reserve policy and bond-market investors' economic expectations.
- Weekly averages show 15-year borrowing costs declined, with 15-year fixed-rate mortgages averaging 5.49%, down from 5.5% last week for homeowners refinancing their loans.
- Higher rates reduce buyers' purchasing power even as refinancing still made up about 56% of applications last week and purchase applications hit their strongest pace since September.
- The housing market has been in a slump, weighing on overall activity as sales of previously occupied U.S. homes sank last year to their lowest level in nearly three decades.
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26 Articles
26 Articles
According to Freddie Mac's report during the second week of November mortgage rates increased to 6.24%
Coverage Details
Total News Sources26
Leaning Left7Leaning Right0Center14Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 33%
C 67%
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