Average long-term mortgage rate at lowest level in 4 months

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. A year ago the average rate was 3.55%.

The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homesThe National Association of Realtors said last week that existing U.S. home sales totaled 5.03 million last year, a 17.8% decline from 2021. That is the weakest year for home sales since 2014 and the biggest annual decline since 2008, during the housing crisis of the late 2000s.

At its final meeting of 2022, the Federal Reserve raised its rate 0.50 percentage points, its seventh increase last year. That pushed the central bank’s key rate to a range of 4.25% to 4.5%, its highest level in 15 years. Rates for 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Federal Reserve does with interest rates can also influence the cost of borrowing for a home.

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Average long-term mortgage rate at lowest level in 4 monthsThe average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. The cost of housing and healthcare is not affordable. Poverty is increasing. The elite are using their profits to manipulate the public into more debt. 'mortgage rate fell to its lowest level in more than four months' In 4 months? That's not a good thing. This tweet should have said, 'mortgage rates continue their four month drop' which doesn't imply a miracle has a occurred like your original tweet suggests.
Source: AP - 🏆 728. / 51 Read more »

Average long-term mortgage rate at lowest level in 4 monthsThe average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes.
Source: ksatnews - 🏆 442. / 53 Read more »