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Chase 30 Year Fixed Mortgage Rate Today – Real estate investors are urging the Federal Reserve to hold off on rate hikes, worried that high borrowing costs — which have risen since the central bank began its hiking cycle in March 2022 — are pushing up mortgage rates and making housing unaffordable for many Americans.
Home sales fell 2 percent in September to less than 4 million, the lowest level in more than a decade. According to the National Association of Realtors (NAR), a 15 percent drop from last year is the latest evidence that high mortgage rates are keeping buyers from buying a home.
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Housing experts urge the Fed to refrain from further hikes to help curb the struggles the sector is facing.
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“As has been the case this year, limited inventory and low housing affordability continue to dampen home sales,” NAR Chief Economist Lawrence Yun said in a statement.
. “The Federal Reserve cannot raise interest rates on the understanding of slowing inflation and weakening employment.”
Prices for the small number of homes available for sale and high interest rates rose nearly 3 percent from a year ago to an average of $394,000 per home, NAR said, the third month is the increase in prices.
Pedestrians are reflected in a window as they pass a sign showing mortgage payments at the Bank of America offices on June 7, 2012 in San Francisco, California. Mortgage rates fell to 8 percent in October 2023, which worries real estate investors. Justin Sullivan/Getty Images
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The central bank policy makers want to emphasize that they want to maintain an environment of monetary policy to reduce the inflation to 2 percent. This means a prolonged environment of high interest rates, currently at a two-decade high of 5.25 to 5.5.
But NAR, the Mortgage Bankers Association (MBA), National and the National Association of Home Builders wrote to the Fed’s Board of Governors last week to “express deep concern” about the central bank’s view. They pointed out that further increases could lead to more negative effects on economic growth, increased risk and more dysfunctional.
Mortgage rates for popular 30-year fixed loans were 8 percent this week, the highest since the turn of the century. The researchers noted that the higher prices will encourage the sale of houses.
“The recovery in mortgage rates may contribute to a further reduction in home sales in the coming months,” said NAHB economist Fan-Yu Kuo in an analysis on Thursday.
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According to NAHB estimates, the housing market accounts for 16 percent of the U.S. housing market. it. Economic activity. NAR, MBA and NAHB suggested that if the Fed keeps rates, it could provide relief to the sector from its current headwinds.
“We ask the Fed to ensure that these simple steps are taken to avoid using the area where the Fed works so hard,” they said.
“We expect there to be more home sales in 2023 than the balance,” said Oxford Economics US. it. Economist Nancy Vanden Houten in a note shared with Oxford Economics.
“Current home sales reflect contracts signed in the last month or two and mortgage rates have increased by another 50 bps since the end of August.”
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“We don’t expect a significant increase in searches, but we do expect higher rates to keep both sellers and buyers online,” said Vanden Houten. “Weak demand will put downward pressure on prices as the year winds down, but we expect strong supply to keep prices down.”
Omar Mohammad is a writer based in the Greater Boston area. His focus is on economic and financial reporting. He joined in 2023 and brings extensive experience covering business and economics at the likes of Reuters, Bloomberg and Quartz. He covered the Tokyo Summer Olympics in Japan for Reuters and his Guardian section on the NBA’s expansion to Africa in 2023 was longlisted for the 2023 International Sports Press Association Media Awards. He holds a master’s degree from Columbia University Graduate School of Journalism where he was a Knight-Bagehot Fellow in 2022. You can contact Omar by email at .mohammed@ Languages: English and Kiswahili. Omar Mohammad is a writer based in the Greater Boston area. Its focus is on economic reporting and … read more We are an independent, ad-supported comparison service. Our mission is to help you make smart financial decisions by providing interactive tools and financial calculators, publishing preliminary and prospective information, allowing you to do free research and compare information – so you can make financial decisions with confidence.
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Mortgage rates fell among all loan rates last week, according to data collected on 30-year fixed, 15-year fixed, 5/1
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