An"Under Contract" sign is displayed at a home in Wilmette, Ill., Thursday, March 28, 2024. On Thursday, April 25, 2024, Freddie Mac reports on this weeks average U.S. mortgage rates. – The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what's traditionally the housing market's busiest time of the year.
When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time whenThe average rate on a 30-year mortgage has now increased four weeks in a row. The latest uptick brings it to its highest level since November 30, when it was 7.22%.
Mortgage rates are influenced by several factors, including how the bond market reacts to the Fed’s interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans.remaining hotter than forecast, which has stoked doubts over how soon the Fed might decide to start lowering its benchmark interest rate. The uncertainty has pushed up bond yields.
“The jump in mortgage rates has taken the wind out of the sails of the mortgage market," said Bob Broeksmit, CEO of the Mortgage Bankers Association."Along with weaker affordability conditions, the lock-in effect continues to suppress existing inventory levels as many homeowners remain unwilling to sell their home to buy a new one at a higher price and mortgage rate.”
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