The average rate on the benchmark 30-year home loan rose for the seventh straight week, making a significant hurdle for prospective homebuyers. The rate on the long-term loan is 7.79%, up from 7.63% last week and 7.08% a year ago.
A home for sale is shown in Los Angeles, on Thursday, Oct. 19, 2023. On Thursday, Freddie Mac reports on this week’s average U.S. mortgage rates. NEW YORK — The average rate on the benchmark 30-year home loan rose for the seventh straight week, creating an increasingly high bar to home ownership for Americans.
The national median mortgage payment was $2,155 in September, up 11%, or $214, from a year ago, according to the Mortgage Bankers Association.Soil removal from Ohio train derailment site is nearly done, but cleanup isn’t overin September fell for the fourth month in a row, grinding to their slowest pace in more than a decade.
The high rates are limiting applications for new mortgages. Wednesday the MBA reported that applications for new loans dipped to the slowest weekly pace since 1995. Meanwhile, the share of applications for adjustable rate mortgages rose to 9.5%, the higher since November.Millions of people who locked in mortgages at this time two years ago at 3% or below cannot afford to, or refuse to move, due to the comparative cost of financing a home today.
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