Mortgage rates climb to 5.66%, showing no relief for 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.

Property Property Latest News, Property Property Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: ladailynews - 🏆 332. / 59 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. I like houses I’ve seen sad homes 🏠 Don’t let it go to heck with weeds
Source: TexasTribune - 🏆 441. / 53 Read more »