Average long
LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months.
The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.
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 when the U.S. housing market remains constrained by relatively few homes for sale and rising home prices.
“As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year,” said Sam Khater, Freddie Mac’s chief economist. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.”
Related articles
- LOS ANGELES (AP) — Shohei Ohtani’s first walk-off hit for the Los Angeles Dodgers was also his first2024-05-21
Chinese defense minister holds video call with US counterpart
Chinese Defense Minister Dong Jun held a video call with U.S. Defense Secretary Lloyd Austin on Tues2024-05-21Chinese defense minister holds video call with US counterpart
Chinese Defense Minister Dong Jun held a video call with U.S. Defense Secretary Lloyd Austin on Tues2024-05-21Songs of celebration hail anniversary
The Forbidden City Concert Hall has announced a series of programs to mark the 25th anniversary of t2024-05-21Yu Darvish extends scoreless innings streak to 25 in Padres' 9
ATLANTA (AP) — Yu Darvish dominated a slumping Braves offense and extended his career-high scoreless2024-05-21Williamson to lead New Zealand at the Twenty20 World Cup; Southee to make his 7th appearance
WELLINGTON, New Zealand (AP) — Veteran seamer Tim Southee will play at his seventh Twenty20 World Cu2024-05-21
atest comment