Mortgage Rates Surge, Notching Largest Weekly Gain in Four Years
- On Thursday, Freddie Mac reported the benchmark 30-year fixed-rate mortgage rose to 7.28% from 7.03% last week, marking the sixth consecutive weekly increase.
- Turmoil in the bond market is driving rates higher as investors worry the Iran war and increased government spending could stoke inflation, pushing the 10-year Treasury yield upward.
- In September, 66% of builders reported using sales incentives like rate buydowns and closing-cost credits, while the rate increase adds roughly $276 monthly to a $400,000 loan.
- According to the Mortgage Bankers Association, adjustable-rate mortgages accounted for 10.3% of applications last week, while 15-year fixed-rate mortgages climbed to 6.60% from 6.42%.
- This marks the highest average rate since November 22, 2023, when it reached 7.29%, as elevated borrowing costs have kept the housing market stagnant for much of this year.
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As international bond yields surge, mortgage rates backed by housing are also rising at their steepest rate in four years. This is the clearest signal that interest rate hikes are spreading throughout the real economy, driven by recent sell-offs in the bond market. According to Freddie Mac, the U.S. Housing Finance Corporation, 30-year fixed-rate mortgages
Pacific Daily News
Weekly Mortgage Rates Find a New Normal Above 7%
Mortgage rates have been climbing for five straight weeks. Compared to the start of the year, the weekly average rate is more than a full percentage point higher.The average rate on a 30-year fixed-rate mortgage jumped 14 basis points to…
"No One Wants to Buy a House"… U.S. Mortgage Rates Rise to 7.28%, Highest Weekly Increase in 4 Years
(New York = Yonhap News) Correspondent Kim Yeon-sook = The average interest rate on 30-year fixed-rate mortgages in the U.S. surged, recording the largest weekly increase in about four years.
Mortgage Rates See Highest Jump in 4 Years
Mortgage rates just took their biggest weekly jump in four years, another wave to the hosting market. Theverage 30-year fixed rate climbed to 7.28% from 7.03% this week, the biggest strike since October 2022, reports the Wall Street Journal. Rates are now at their highest level since...
US mortgage rates jump by most in 4 years in latest week
Oct 1 (Reuters) - The interest rate on the most common US home loan shot up by a quarter percentage point this week to the highest in almost three years on the back of surging government bond yields, dealing another setback to would-be home buyers. T...
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