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.
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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.
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Mortgage rates have increased for the fourth consecutive week, nearing 7%.
The continued strength of the economy and high home prices are primarily driving up mortgage rates, impacting affordability.
The housing market is experiencing a slump, projected to have its worst year since 1995, as elevated rates keep homeownership out of reach for many.
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Highlights (4)
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
·Leans RightThe underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.Mostly Reliable
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
·Leans RightThe underlying sources generally maintain reliability but have, at times, included opinion pieces, propaganda, or minor inaccuracies. While typically factual, there may be occasional editorialization or subjective interpretation.Mostly Reliable
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
·CenterThe underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.Reliable
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
·CenterThe underlying sources consistently report facts with minimal bias. They demonstrate high-quality journalism and accuracy across multiple articles.Reliable