Average rate on a 30-year mortgage in the US rises for fifth straight week

[mystery-ak]

Average rate on a 30-year mortgage in the US rises for fifth straight week

The average rate on a 30-year mortgage in the U.S. rose for the fifth straight week, returning to its highest level since early August
ByALEX VEIGA AP business writer
October 31, 2024, 11:00 AM

The average rate on a 30-year mortgage in the U.S. rose for the fifth straight week, returning to its highest level since early August.

The rate rose to 6.72% from 6.54% last week, mortgage buyer Freddie Mac said Thursday. That's still down from a year ago, when the rate averaged 7.76%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also increased this week. The average rate rose to 5.99% from 5.71% last week. A year ago, it averaged 7.03%, Freddie Mac said.

When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers' purchasing power at a time when home prices remain near all-time highs though the housing market is in a sales slump going back to 2022.

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https://abcnews.go.com/Business/wireStory/average-rate-30-year-mortgage-us-rises-straight-115357576

[DefiantMassRINO]

The only long-term solution to the housing crisis is to build more affordable 3+ bedroom, 1.75+ baths homes for young, working families.

One of the largest expenses for developers is land.  Who owns a lot of land? - The Government.

One of the most significant barriers to new home construction are zoning laws and zoning boards - The Government.

Less Government, More Housing.

[libertybele]

The only long-term solution to the housing crisis is to build more affordable 3+ bedroom, 1.75+ baths homes for young, working families.

One of the largest expenses for developers is land.  Who owns a lot of land? - The Government.

One of the most significant barriers to new home construction are zoning laws and zoning boards - The Government.

Less Government, More Housing.

It will be interesting to see what happens in NC where so many homes have been completely demolished by Helene.  I'm expecting good ole Uncle Sam to come in and offer them pennies on the dollar for their homes and property; especially if they are holding a mortgage.  As I've mentioned before FEMA only covers a maximum of $250,000 (if insured).  Otherwise I believe they offer low interest loans to help people rebuild. 

When Ian hit this area, many homes that have been here since this county was founded, had to rebuild to 'code' which meant that they had to build their property up to a certain height before they could rebuild.  Consequently, investors came in and swooped up a bunch of property and are building condos, commercial and retail buildings. They are even redoing a park along the river which has been in place for decades. People strongly protested against it but the developers/city won out.