Index Investing News
Friday, May 9, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Average long-term US mortgage rates dip to 6.66% this week

by Index Investing News
October 22, 2022
in Property
Reading Time: 2 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


WASHINGTON (AP) — Average long-term U.S. mortgage rates ticked down modestly this week after six straight weeks of gains pushed rates to heights not seen in more than a decade, before a crash in the housing market triggered the Great Recession in 2008.

Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate dipped to 6.66% from 6.70% last week. One year ago, the rate stood at 2.99%.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, came down to 5.9% from 5.96% last week.

Rapidly rising mortgage rates have more than doubled this year, pushing many prospective homebuyers out of the market.

Freddie Mac says that for a typical mortgage, borrowers who locked in at the higher end of the rate range during the past year would pay several hundred dollars more than borrowers who signed contracts at the lower end of the range.

Late last month, the Federal Reserve bumped its benchmark borrowing rate by another three-quarters of a point in an effort to constrain the economy, its fifth increase this year and third consecutive 0.75 percentage point increase.

The Fed’s aggressive action has decelerated a housing sector that — outside of the onset of the pandemic — has been hot for years. Existing home sales have declined for seven straight months as the rising cost to borrow money puts homes out of reach for more people.

The government reported last week that the U.S. economy, battered by surging consumer prices and rising interest rates, shrank at a 0.6% annual rate from April through June, consistent with its previous estimate for the second quarter.

Fed officials forecast that they will further raise their benchmark rate to roughly 4.4% by year’s end, a full point higher than they envisioned as recently as June. They expect to raise the rate again next year, to about 4.6%. That would be the highest level since 2007.

By raising borrowing rates, the Fed makes it costlier to take out a mortgage and an auto or business loan. Consumers and businesses then presumably borrow and spend less, cooling the economy and slowing inflation.

Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for U.S. Treasurys.



Source link

Tags: AveragedipLongTermMortgageratesWeek
ShareTweetShareShare
Previous Post

Dividend Kings In Focus: Cincinnati Financial

Next Post

Like Children: The View IRRITATED DeSantis Putting People Before Politics

Related Posts

A window to progress: NWD builds on strategic acquisition of Specialty North American

A window to progress: NWD builds on strategic acquisition of Specialty North American

by Index Investing News
May 9, 2025
0

From its humble beginnings over 20 years in the past, when renting Penske vans to ship high-end home windows and...

Seattle council considers 8-foot-tall digital billboards in downtown

Seattle council considers 8-foot-tall digital billboards in downtown

by Index Investing News
May 9, 2025
0

Tons of of years in the past, in Persia and the Ottoman Empire, a kiosk was an open-air pavilion, a...

.4 Million Houses in Cornwall, England

$2.4 Million Houses in Cornwall, England

by Index Investing News
May 9, 2025
0

West Portholland | $2.47 million (£1.85 million)A Nineteenth-century farm reconfigured as a sprawling nation dwellingThis four-bedroom, three-bathroom house is in...

Simply Listed | 13701 Artisan Circle

Simply Listed | 13701 Artisan Circle

by Index Investing News
May 8, 2025
0

AMAZING IN ARTISTRY2 Beds | 2 Baths Up to date Class Meets Resort Residing in Artistry! Welcome to this upgraded...

Test Your Credit score Card Statements EVERY Month

Test Your Credit score Card Statements EVERY Month

by Index Investing News
May 9, 2025
0

Next Post
Like Children: The View IRRITATED DeSantis Putting People Before Politics

Like Children: The View IRRITATED DeSantis Putting People Before Politics

Credit Suisse Eyes Outside Money for Investment Bank Spinoff

Credit Suisse Eyes Outside Money for Investment Bank Spinoff

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Ten killed in air strikes on capital of Ethiopia’s Tigray region

Ten killed in air strikes on capital of Ethiopia’s Tigray region

September 14, 2022
Syria’s Al-Qaeda Department Dissolves, Says Objectives Accomplished By Regime Change – FREEDOMBUNKER

Syria’s Al-Qaeda Department Dissolves, Says Objectives Accomplished By Regime Change – FREEDOMBUNKER

February 1, 2025
Harvard scientists unveil anti-aging drug combination to reverse aging in record time

Harvard scientists unveil anti-aging drug combination to reverse aging in record time

July 17, 2023
UK inflation falls by greater than anticipated, increase to the govt. forward of key assertion

UK inflation falls by greater than anticipated, increase to the govt. forward of key assertion

March 26, 2025
Senators announce tentative deal on gun violence; public hearings on Jan. 6 proceed

Senators announce tentative deal on gun violence; public hearings on Jan. 6 proceed

June 13, 2022
New AML Guidelines in Turkey Set 5 Threshold for 0 Billion Crypto Sector

New AML Guidelines in Turkey Set $425 Threshold for $170 Billion Crypto Sector

December 25, 2024
What’s the potential influence of U.S. Android Play Retailer treatments By Investing.com

What’s the potential influence of U.S. Android Play Retailer treatments By Investing.com

October 27, 2024
Harry Belafonte, legendary performer and activist, dead at 96

Harry Belafonte, legendary performer and activist, dead at 96

April 25, 2023
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In