The Briefing Room

General Category => Economy/Business => Topic started by: mystery-ak on October 26, 2022, 02:38:13 pm

Title: U.S. mortgage interest rates jump to 7.16%, highest since 2001
Post by: mystery-ak on October 26, 2022, 02:38:13 pm

October 26, 20226:25 AM CDTLast Updated 3 hours ago
U.S. mortgage interest rates jump to 7.16%, highest since 2001
Reuters

Oct 26 (Reuters) - The average interest rate on the most popular U.S. home loan rose to its highest level since 2001 as tightening financial conditions weigh on the housing sector, data from the Mortgage Bankers Association (MBA) showed on Wednesday.

The average contract rate on a 30-year fixed-rate mortgage rose by 22 basis points to 7.16% for the week ended Oct. 21 while the MBA's Market Composite Index, a measure of mortgage loan application volume, fell 1.7% from a week earlier. Mortgage application activity is at its slowest pace since 1997.

Mortgage rates have more than doubled since the beginning of the year, as the Federal Reserve pursues an aggressive path of interest rate hikes to rein in stubbornly high inflation.

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https://www.reuters.com/markets/us/us-mortgage-interest-rates-jump-716-highest-since-2001-2022-10-26/

Title: Re: U.S. mortgage interest rates jump to 7.16%, highest since 2001
Post by: Kamaji on October 26, 2022, 02:41:25 pm

Wow.

Title: Re: U.S. mortgage interest rates jump to 7.16%, highest since 2001
Post by: DefiantMassRINO on October 26, 2022, 02:41:25 pm

That's going to make the interest payments on the National Debt eat into discretionary Federal spending, in saner, more rational times.