Mortgage rates have risen for the first time in three weeks.
30-year fixed rate mortgage average interest rate has risen to 5.51%, mortgage finance giant
I said on Thursday.This is up from 5.30% last week when rates were recorded Largest weekly decline since December 2008But below Highest 5.81% in 13 years Recorded in June. A year ago, 30 years of mortgages averaged 2.88%.
Higher borrowing costs weigh heavily on housing demand, Slow sales and price growth..Affordable housing Reached the lowest level since 2006 According to the National Association of Real Estate Agents, this was partly due to higher prices in May. The surge in interest rates in the first half has driven some buyers out of the market.
Mortgage applications have fallen for the second straight week, and sales of previously owned homes have fallen for the fourth straight month. The largest bank in the country,
& Co. Said on thursday Mortgage composition reduced by 45% In the second quarter of the previous year.
Mortgage yields are closely tied to yields on 10-year Treasuries, which approached their lowest levels in more than a month last week as investors piled up government bonds. Yields and prices move in opposite directions. The Treasury is considered heaven when the economy is uncertain.
George Ratiu, Economic Research Manager at Realtor.com, said in a statement that lower demand and higher supply are reshaping the housing market at the peak of the sales season.
He is the parent of The Wall Street Journal and operates Realtor.com under license from the National Association of Real Estate Agents.
“In the second half of the year, the pace of sales is expected to slow as the market regains its long-awaited sense of balance,” said Latiu.
Write to Orla McCaffrey at [email protected]
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On July 15, 2022, it was published in the printed version as “Mortgage interest rates resume rising.”