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Current Interest Rates For A 30 Year Fixed Mortgage – The average 30-year mortgage rate rose to 8 percent this week, the first time since 2000, Mortgage News Daily reported.
The move comes after several months of price hikes. As recently as last April, the fixed rate for a 30-year mortgage was less than 5%, Daily Mortgage data shows.
Current Interest Rates For A 30 Year Fixed Mortgage
A series of interest rate hikes by the Federal Reserve since last year have pushed up the yield on the 10-year Treasury, which tracks long-term mortgage rates.
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The Fed has raised interest rates to combat rising inflation and is trying to reduce inflation by slowing the economy and suppressing demand.
While inflation has fallen considerably from last summer’s peak of nearly 9%, rate hikes are still well above the Fed’s one percent target.
Steady increases in inflation led the Fed to keep interest rates high for an extended period of time, pushing up 10-year Treasury yields and putting pressure on mortgage rates.
Major housing industry groups expressed “deep concern” about rising mortgage rates in a letter last week and called on the Federal Reserve to halt interest rate hikes.
The Mortgage Porter » Mortgage Interest Rates Moving Higher
Real estate groups, including the Association of Realtors and the Association of Home Professionals, said: “The rate and size of these [mortgage] interest rates are increasing, and as a result of the changes in our industry, it’s hot and unprecedented.”
Mortgage rates in the housing market have fallen sharply as home buyers shy away from high mortgage rates and home sellers opt for mortgages that lock them into low interest rates.
Home mortgage applications fell to their lowest level since 1996, the Lenders Association said earlier this month.
According to the National Association of Realtors, pre-owned home sales fell more than 15 percent in August from a year earlier. This decline coincides with rising prices for home buyers.
Charted: The U.s. Mortgage Rate Vs. Existing Home Sales
Federal Reserve Chairman Jerome Powell speaks at a press conference after announcing the Fed’s policy decision to keep interest rates unchanged at the Federal Reserve in Washington, DC, on September 20, 2023.
When the Fed began increasing bond yields with its first rate hike in the current series, in March 2022, the average fixed rate for a 30-year mortgage was just 4.42%, Mortgage News Daily data showed.
According to Rocket Mortgage, every percentage point increase in mortgage payments can add thousands or even tens of thousands of dollars a year, depending on the price of the home.
Speaking at a press conference in Washington. Last month, Federal Reserve Chairman Jerome Powell acknowledged the continued impact of mortgage interest rates, noting that housing market activity “remains well below year-ago levels, reflecting a larger number of mortgages.”
Solved Mortgage Rates: Following Are Interest Rates (annual
According to estimates released last month, the Fed expects to raise interest rates once this year. The central bank is set to decide on its next rate hike in early November.
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