From The Economic Times · Reuters · · 1m 10s
US Mortgage Rate Hits 7.40%
US 30-year mortgage rate reaches 7.40%, highest since November 2023, likely to weaken housing demand.
In brief
US 30-year mortgage rate reaches 7.40%, highest since November 2023, likely to weaken housing demand. US 30-year fixed mortgage rates hit 7.40%, the highest since November 2023, as inflation concerns push Treasury yields higher, potentially reducing housing demand ahead of November elections. Originally reported by…
US Mortgage Rate Climbs
The average rate on the popular US 30-year fixed-rate mortgage surged to a near three-year high this week.
Rate Hits 7.40%
Freddie Mac reported the 30-year fixed mortgage rate averaged 7.40%, the highest level since November 2023.
Rate Increase
The rate rose from 7.28% last week, up 142 basis points since the US-Israeli war began in February.
Inflation Impact
Higher energy prices from the US-Israeli war with Iran are driving up longer-term Treasury yields.
Housing Affordability Crisis
Rising mortgage rates and high home prices have created an affordability crisis ahead of the November 3 midterm elections.
Trump's Stance
President Donald Trump refused to sign a bipartisan housing affordability bill, calling it a 'big yawn' in 2024.
“a big yawn”
Market Impact
Higher rates are suppressing demand and leaving sellers reluctant to list homes, contributing to a national housing shortage.
The big picture
US 30-year fixed mortgage rates hit 7.40%, the highest since November 2023, as inflation concerns push Treasury yields higher, potentially reducing housing demand ahead of November elections.
