Mortgage rates close in on 8% with no relief in sight

Mortgage rates increased again last week, closing in on 8% and convincing many homebuyers to give up on the market for now.on Thursday. The average borrowing rate has remained above 7% for 11 straight weeks and has risen eight weeks in a row.

For instance, the volume of mortgage applications for a home purchase dropped 2% week over week on a seasonally adjusted basis last week,"Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995," Joel Kan, MBA's vice president, and deputy chief economist, said.

Homebuilder Taylor Morrison has found similar success with these perks, reporting results that exceeded expectations. At the end of September, the number of for-sale properties was at the lowest level for the month since 1999, the NAR said last week. Inventory for single-family homes was at the lowest count since 1982.

A famed trader known as '50 Cent' is making a big bet that the world's worst-performing currency is about to surge 'violently'

Loans Loans Latest News, Loans Loans Headlines

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

U.S mortgage rates soar to highest in more than 23 yearsThe 7.9% average contract rate for a 30-year fixed-rate mortgage during the week ended Oct. 20 was up 20 basis points from the prior week, the Mortgage...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

U.S mortgage rates soar to highest in more than 23 yearsExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

U.S mortgage rates soar to highest in more than 23 yearsMarket News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Santander may look into potential acquisition of Metro mortgage portfolioMarket News
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bank of Canada: mortgage holders coping with rate hikes, auto loans a problemExplore stories from Atlantic Canada.
Source: SaltWire Network - 🏆 45. / 63 Read more »

45% Of Canadians Find Paying Mortgage, Rent To Be DifficultZoe Demarco is a Staff Writer at STOREYS and was formerly the Urbanized Editor at Daily Hive. Born and raised in Toronto, she has a passion for the city's ever-changing urban landscape.
Source: storeyspub - 🏆 16. / 74 Read more »