Yahoo Finance Mortgage Rates in the US Climb for a Second Week, Reaching 6.88%
(Bloomberg) -- Mortgage rates in the US rose for a second straight week.
Most Read from Bloomberg
Vietnam Tycoon Lan Sentenced to Death Over $12 Billion Fraud
Apple Plans to Overhaul Entire Mac Line With AI-Focused M4 Chips
US Slams Strikes on Russia Oil Refineries as Risk to Oil Markets
Russian Attacks on Ukraine Stoke Fears Army Near Breaking Point
The average for a 30-year, fixed loan was 6.88%, up from 6.82% last week and matching the level reached in early March, Freddie Mac said in a statement Thursday.
Higher borrowing costs are weighing on would-be homebuyers in what’s typically the busiest season for purchases. The Federal Reserve has maintained it’s in no rush to cut benchmark interest rates. Now, economic reports for March — including hotter-than-expected inflation data and the biggest gain in jobs in nearly a year — have made chances of a June reduction even more remote.
Read more: Traders See Fed Waiting Until After Summer to Cut as Yields Soar
Another gauge of prices that’s more closely watched by the Fed is set to be released April 26.
The housing market recently has shown signs of resilience. Sales of previously owned homes picked up in February, and more owners have been listing their properties. But purchases remain prohibitively expensive in many areas of the country, and climbing mortgage costs threaten to further erode affordability for buyers.
Most Read from Bloomberg Businessweek
Toyota Pins Its Hopes on Revamped 4Runner to Beat Ford and Hyundai
Race for AI Supremacy in Middle East Is Measured in Data Centers
Everyone Is Rich, No One Is Happy. The Pro Golf Drama Is Back
©2024 Bloomberg L.P.
