Average 30-year US mortgage rate rises to 6.49%, pushing up homebuyers’ borrowing costs
Summary
The average interest rate for a 30-year fixed mortgage in the U.S. rose to 6.49%, increasing the cost for homebuyers. This rise affects how much people can afford to borrow and has contributed to slower home sales this year.Key Facts
- The 30-year fixed mortgage rate increased to 6.49% from 6.43% last week.
- One year ago, the average 30-year mortgage rate was higher at 6.72%.
- Higher mortgage rates mean higher monthly payments for homebuyers.
- The 15-year fixed mortgage rate also rose slightly to 5.82% from 5.79%.
- Mortgage rates generally follow the yield on the 10-year U.S. Treasury bond, which is currently at 4.55%.
- Inflation expectations and higher oil prices have pushed bond yields and mortgage rates higher.
- Home sales have slowed, with sales of existing homes down compared to previous years.
- The current pace of existing home sales is around 4 million annually, below the historical average of about 5.2 million.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
