The average for a 30-year, fixed loan was 7.23%, the highest since May 2001 and up from 7.09% last week, Freddie Mac said in a statement Thursday.
The inventory shortage pushed purchases of previously owned homes last month to the slowest pace since the start of 2023, according to the National Association of Realtors. With few listings on the resale market, contracts to buy new homes rose to the highest level in more than a year, government data showed Wednesday. Some of the biggest builders are able to offer better mortgage rates than borrowers otherwise would have access to.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
US Mortgage Rates Jump to 7.31%, Highest Level Since Late 2000US mortgage rates rose to the highest level since late 2000 last week, sending a key measure of demand down to the lowest in nearly three decades.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Analysis-Little relief for indebted Canadian homeowners as mortgage rates seen higher for longerBy Nivedita Balu and Fergal Smith TORONTO (Reuters) - Highly indebted Canadians hoping for relief from a rapid rise in mortgage rates are in for some ...
Source: SaltWire Network - 🏆 45. / 63 Read more »
Analysis-Little relief for indebted Canadian homeowners as mortgage rates seen higher for longerHighly indebted Canadians hoping for relief from a rapid rise in mortgage rates are in for some disappointment, as recent moves in the bond market point to interest rates staying at elevated levels for longer than previously expected due to stubborn inflation. The yield on Canada's 5-year bond climbed on Tuesday to a 16-year high of 4.17%, up from 2.66% in March, as investors gave up on the notion that the Bank of Canada and other major central banks will pivot quickly to rate cuts. Nearly all Canadian mortgages have a term of five years or less, compared with the 30-year term that is common in the United States.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
A mild recession could actually be good for the housing marketAn economic downturn may have a silver lining - it could lower mortgage rates and home prices.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Housing is even more unaffordable than it was at the peak prior to the 2008 crisis, as mortgage rates touch 23-year highsThe Atlanta Fed's home affordability index dropped to 69.5 in June, even lower than its level in 2006.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »