U.S. benchmark mortgage rate hits highest level in over a decade
The average rate on a 30-year fixed-rate mortgage was 5% as of the week ending April 14, representing an increase of 28 basis points from the previous week, Freddie Mac FMCC, -1.86% reported Thursday. One basis point is equal to one hundredth of a percentage point, or 1% of 1%.
“As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation,” Sam Khater, chief economist at Freddie Mac, said in the report. Indeed, data from the Mortgage Bankers Association in recent weeks has shown a downturn in applications for mortgages backed by the Federal Housing Administration, which economists see as an indication that first-time home buyers are being pushed out of the market. FHA loans are more popular with first-time buyers because they have less onerous eligibility requirements in terms of down payments and credit scores than loans backed by Fannie Mae FNMA, +1.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Second-home boom is dwindling: RedfinThe pandemic-induced surge in vacation home purchases is starting to slow significantly, as buyers are holding off on second homes amid rising mortgage rates and loan fees.
Consulte Mais informação »
Mortgage Rates Jump To 4.67% As Home Prices Hit Record HighRates for home loans rose to the highest level since 2018 as home prices also hit a new all-time high, all of which is creating stronger headwinds for those trying to buy a home. The average rate for a 30-year, fixed-rate mortgage reached 4.67% for the week ending March 31, according to data from mortgage […]
Consulte Mais informação »
Mortgage rate spike boosts ARM demandWith the rise in mortgage rates along with the Federal Reserve increasing rates to curb inflation, the MBA sees mortgage originations slowing.
Consulte Mais informação »
Biden didn't 'act fast enough' to slow inflation: ManchinA report released Tuesday from the Labor Department showed that inflation increased at the highest rate in decades over the last 12 months.
Consulte Mais informação »
Bankers lower their mortgage demand outlook for the year as rising rates hurt affordabilityThe Mortgage Bankers Association now expects overall mortgage originations to total $2.58 trillion in 2022, a 35.5% decline from 2021. DianaOlick reports.
Consulte Mais informação »
New Report Reveals Names Of America’s Biggest Earners–And How Little They Pay In TaxesA new report reveals the names of America's biggest earners and what they pay in taxes.
Consulte Mais informação »