US 30-Year Mortgage Rate Holds at 7.4% for Eight Consecutive Weeks
The average US 30-year fixed mortgage rate remained at 7.4%, according to Freddie Mac, staying near its highest level since November 2023.
The rate is up from 6.27% during the same period last year and has risen by a cumulative 75 basis points over eight weeks.
Rising borrowing costs are weighing on housing demand and forcing some sellers to reduce asking prices.
Pending US home sales fell 4% month-on-month in September, marking their largest decline in more than three years and their lowest level since 2014, excluding the early pandemic period, according to Redfin.
Bright MLS chief economist Lisa Sturtevant expects high mortgage rates, persistent inflation and weak consumer confidence to slow the housing market this autumn.
Sturtevant warned that annual existing-home sales could fall below 4 million for the first time since the 1990s.
#WarshPushesToScaleBackForwardGuidanceAndDotPlot
The average US 30-year fixed mortgage rate remained at 7.4%, according to Freddie Mac, staying near its highest level since November 2023.
The rate is up from 6.27% during the same period last year and has risen by a cumulative 75 basis points over eight weeks.
Rising borrowing costs are weighing on housing demand and forcing some sellers to reduce asking prices.
Pending US home sales fell 4% month-on-month in September, marking their largest decline in more than three years and their lowest level since 2014, excluding the early pandemic period, according to Redfin.
Bright MLS chief economist Lisa Sturtevant expects high mortgage rates, persistent inflation and weak consumer confidence to slow the housing market this autumn.
Sturtevant warned that annual existing-home sales could fall below 4 million for the first time since the 1990s.
#WarshPushesToScaleBackForwardGuidanceAndDotPlot