LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford at a time when the U.S. housing market remains constrained by relatively few homes for sale and rising home prices. “As rates trend higher, potential homebuyers are deciding whether to buy before rates rise even more or hold off in hopes of decreases later in the year,” said Sam Khater, Freddie Mac’s chief economist. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” |
ACWF President Visits Women Frontline Workers in Fight Against COVIDHighlights of shooting at 4th Asian Para GamesACWF President Visits Women Frontline Workers in Fight Against COVIDCultural relics from Luxembourg on display in China's HenanACWF Honors 3 Women Dedicated to Curbing COVIDACWF Calls for Building Green Families OnlineBoao Forum for Asia unveils agenda for 2024 conferenceACWF Vows to Mobilize Women to Play Active Role in Winning Fight Against PovertyACWF Sends Condolences to Family of Nurse Who Lost Her Life in Battle Against COVIDBoao Forum for Asia unveils agenda for 2024 conference