Average rate on a 30-year mortgage in the US rises for 6th straight week
Average rate on a 30-year mortgage in the US rises for 6th straight week
The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July.
Summary
The average 30-year mortgage rate in the U.S. rose to 6.79%, marking its highest level since early July and continuing a six-week climb, according to Freddie Mac.
Rising rates, influenced by increased 10-year Treasury yields and expectations of economic growth under President-elect Donald Trump, are reducing purchasing power amid high home prices.
Mortgage applications have dropped for six consecutive weeks, with refinancing applications also down.
Experts expect continued volatility in mortgage rates as markets respond to election results and upcoming Federal Reserve policy decisions.
Real estate whores were preaching rate cuts will cut rates... well fed cut the rate but top end of the curve still high so that mortgage rate correlates.
What's the next goal post this people will come with?
Also, inflation rate seems to be ticking up in services, yet fed still did 25 basis point cut to appease money changers on wall street.
I doubt we will be getting another cut.
Housing market is gonna continue this Mexican stand off. We know wage slaves aint getting extra money to make this market, and real estate whore's lower interest narrative is about tapped out...
There this third option to make the market folks... owners gonna need to figure it out if they are really interested in making that sale.
"free" market lol