US 30-Year Mortgage Rate Holds at 7.4%, Halting Seven-Week Climb
JH Kim
Summary
- The average 30-year mortgage rate in the U.S. held at 7.4%, ending a seven-week streak of increases.
- It said mortgage rates, which rose 0.75 percentage point from 6.65% in August to 7.4%, are weighing on homebuyers.
- According to the Mortgage Bankers Association, mortgage applications fell for a sixth straight week and dropped 2.7% from a week earlier.
Forecast Trend Report by Period
The average rate on a 30-year U.S. mortgage held at 7.4%, ending a seven-week streak of increases. Mortgage applications fell for a sixth straight week.
Walter Bloomberg reported on October 15 that the average rate on a 30-year fixed mortgage was 7.4%. The rate was unchanged this week after rising for seven consecutive weeks.
Mortgage rates have climbed 0.75 percentage point from 6.65% in August to 7.4%. Higher borrowing costs and home prices near historic highs are adding to the burden on prospective buyers.
According to the Mortgage Bankers Association, mortgage applications fell 2.7% from a week earlier. That marked the sixth straight weekly decline.
JH Kim
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