The average long-term U.S. mortgage rate tumbled by nearly a half-point this week, but will likely remain a significant barrier for potential homebuyers as Federal Reserve officials have all but promised more rate hikes in the coming months.
The last time the average rate was above 7 percent was April 2002, a time when the U.S. was still reeling from the Sept. 11 terrorist attacks.
Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.
Average long-term U.S. mortgage rates climbed even higher this week, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market.
The average rate on a 30-year, fixed-rate mortgage has increased to the highest level since late June, according to Freddie Mac.
The average long-term U.S. mortgage rate fell below 5 percent for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control.
Rising mortgage rates are sidelining many would-be homebuyers. But there are two ways to meet the challenge.
The U.S. housing market is slowing as would-be buyers struggle with rising borrowing costs and a persistent shortage of properties for sale.
In the wake of the Federal Reserve’s decision to move forward with its long-hinted-at half-percent interest rate hike, two leading real estate industry economists said they don’t expect the rocket-like rise in mortgage rates to continue much longer.
The era of low mortgage rates appears to be over.
The U.S. job market is nearly healthy enough that central bankers think low-interest rate policies are no longer needed.
The Federal Reserve will quicken the pace at which it’s pulling back its support for the post-pandemic U.S. economy as inflation surges, and it expects to raise interest rates three times next year.
Federal Reserve Chair Jerome Powell took a sharp and unexpected turn Tuesday toward tightening credit for consumers and businesses in the face of mounting concerns about high inflation.
Federal Reserve officials are signaling moves that could send mortgage interest rates up next year, potentially curtailing strong housing demand.
The Federal Reserve signaled Wednesday that it may start raising its benchmark interest rate sometime next year, earlier than it envisioned three months ago and a sign that it’s concerned that high inflation pressures may persist.
The Federal Reserve will start dialing back its ultra-low-rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday.
Federal Reserve officials began discussing at their meeting last month the mechanics of reducing their huge monthly bond purchases that are used to keep longer-term interest rates in check.
With inflation rising in a fast-rebounding economy, the Federal Reserve is poised this week to discuss when it will take its first steps toward dialing back its ultra-low interest rate policies.
With the economy still struggling to recover from the pandemic recession, Federal Reserve policymakers signaled Wednesday that their benchmark short-term interest rate will likely remain at zero at least through 2023 and possibly even longer.
