{"id":4265,"date":"2023-08-31T20:49:11","date_gmt":"2023-08-31T20:49:11","guid":{"rendered":"https:\/\/prosfunds.com\/business\/us-mortgage-rates-drop-after-five-weeks-of-climbing-but-stay-over-7\/"},"modified":"2023-08-31T20:49:12","modified_gmt":"2023-08-31T20:49:12","slug":"us-mortgage-rates-drop-after-five-weeks-of-climbing-but-stay-over-7","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=4265","title":{"rendered":"US mortgage rates drop after five weeks of climbing, but stay over 7%"},"content":{"rendered":"
\n

\n US mortgage rates ticked down this week, ending a five-week stretch of increases, but remained above 7% amid lingering inflation.\n <\/p>\n

\n The 30-year fixed-rate mortgage averaged 7.18% in the week ending August 31, down from 7.23% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.66%.\n <\/p>\n

\n \u201cRecent volatility makes it difficult to forecast where rates will go next, but we should have a better gauge in September as the Federal Reserve determines their next steps regarding interest rate hikes,\u201d said Sam Khater, Freddie Mac\u2019s chief economist.\n <\/p>\n

\n Mortgage rates have spiked during the Fed\u2019s historic inflation-curbing campaign, sending home affordability to its lowest level in nearly four decades. Buying a home is more expensive because of the added cost of financing the mortgage and rising home prices.\n <\/p>\n

\n Home prices have been climbing because there are a historically low number of homes on the market to buy. Homeowners who previously locked in lower rates are reluctant to sell now that rates have surged.\n <\/p>\n

\n The combination of low inventory and high costs has squeezed would-be homebuyers and sent home sales lower than last year.\n <\/p>\n

\n Economy remains strong, keeping rates higher
\n<\/h2>\n

\n Inflation remains well above the Fed\u2019s 2% target, which has kept interest rates elevated. The bond market is concerned that taming inflation may require more rate hikes. The central bank has three remaining policy meetings this year.\n <\/p>\n

\n Fed Chair Jerome Powell has emphasized the significance of the core Personal Consumption Expenditures price index for the future path of its rate hikes.\n <\/p>\n

\n The latest report, released earlier on Thursday, indicated that July\u2019s monthly gain of just 0.2% is more in line with where the Fed would like to see inflation. However, year-over-year core inflation remained high in July, at 4.2%.\n <\/p>\n

\n That means borrowers can expect to see costs stay elevated in the near term.\n <\/p>\n

\n While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed\u2019s actions, what the Fed actually does and investors\u2019 reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.\n <\/p>\n

\n The summer selling season typically winds down in August. But it\u2019s quieter than usual this year because affordability is so low.\n <\/p>\n

\n \u201cThe challenging combination of a 20-year high mortgage rate and constrained housing inventory is creating an unfavorable environment for today\u2019s homebuyers,\u201d said Jiayi Xu, economist at Realtor.com.\n <\/p>\n

\n But as rates started moving down slightly, some buyers came out. Applications for mortgages rose from their 28-year lows, according to the Mortgage Bankers Association.\n <\/p>\n

\n \u201cThe last full week of August ended on a positive note, with mortgage applications for home purchases and refinances increasing for the first time in five weeks,\u201d said Bob Broeksmit, MBA president and CEO. \u201cMBA expects rates to move lower in the months ahead, which should help improve affordability slightly.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

US mortgage rates ticked down this week, ending a five-week stretch of increases, but remained above 7% amid lingering inflation. The 30-year fixed-rate mortgage averaged 7.18% in the week ending August 31, down from 7.23% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.66%. \u201cRecent […]<\/p>\n","protected":false},"author":1,"featured_media":4266,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-4265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nUS mortgage rates drop after five weeks of climbing, but stay over 7% | Prosfunds<\/title>\n<meta name=\"description\" content=\"US mortgage rates ticked down this week, ending a five-week stretch of increases, but remained above 7% amid lingering inflation. 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