US Mortgage Rates Climb to Highest Level Since July, Affecting Homeownership
The average long-term mortgage rate in the U.S. has risen to 6.93%, impacting potential homebuyers amid economic pressures.
Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers.
Mortgage rates climb for 4th straight week — to the highest level in 6 months
New York Post·3M·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.Leans RightThis outlet slightly leans right.
Mortgage rates ticked up for the fourth straight week, climbing toward 7% as elevated rates and high home prices continue to snuff out demand in the housing market.
Mortgage rates rise for fourth straight week, inching closer to 7%
Fox Business·3M·Mostly ReliableThis source is generally reliable but sometimes includes opinion, propaganda, or minor inaccuracies.Leans RightThis outlet slightly leans right.
Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers.
Average US long-term mortgage rate inches up to 6.93% for fourth straight increase
ABC News·3M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.Elevated mortgage rates and rising home prices have kept homeownership out of reach of many would-be homebuyers.
Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase
Associated Press·3M·ReliableThis source consistently reports facts with minimal bias, demonstrating high-quality journalism and accuracy.CenterThis outlet is balanced or reflects centrist views.
Summary
The average long-term mortgage rate in the U.S. has increased to 6.93%, the highest since July, as rising bond yields and home prices strain affordability for prospective buyers. The 30-year fixed mortgage rate has been climbing for four consecutive weeks, reflecting fluctuations in the 10-year Treasury yield. This trend is affecting home sales, which remain sluggish despite a slight increase in previously occupied home sales in November. The Federal Reserve's cautious approach to interest rate cuts amid persistent inflation may continue to complicate the housing market.
Perspectives
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