Re: Mortgage rates hit 5.89% - the highest level since 2008 (Obama / Biden...)

[Screw you Americans]

In article <svriib$nt6$2...@dont-email.me>
<governo...@gmail.com> wrote:
>
> Obama and Biden are both criminals. They steal from Americans.
>

The average 30-year mortgage rate climbed to 5.89%, the highest
level since 2008, according to new data published Thursday by
Freddie Mac.

Mortgage rates briefly declined for a period this summer even as
the Federal Reserve raised the key interest rate to fight
inflation. Markets have been closely watching the Fed's moves
since the interest rate hikes began in March.

"Rates are reacting to Federal Reserve Chair Jay Powell’s
comments following last week’s jobs report in which he
reiterated his unwavering focus on bringing inflation down to
its 2% target level," Lisa Sturtevant, the chief economist at
Bright MLS, a real estate data firm, said in an email.

In remarks Thursday morning, Powell signaled the Fed intends to
keep rates higher for longer.

“History cautions strongly against prematurely loosening
policy,” he said in a Q&A presented by the Cato Institute, a
libertarian think tank based in Washington, D.C, according to
CNBC. “I can assure you that my colleagues and I are strongly
committed to this project and we will keep at it until the job
is done.”

Mortgage rates tend to track U.S. government bond yields. This
week, the yield on the 10-year Treasury note jumped as high as
3.35%, itself the highest level in more than a decade.

The higher mortgage rates are already weighing on home prices.
For the first time in nearly 18 months, the average U.S. home
sold below its asking price, according to housing group Redfin.
The median home sale price was $370,000, up by 6% year over year
but 6% below the record high of $393,725 during the four weeks
that ended June 19, Redfin said.

Even as mortgage rates tick higher, home shoppers should be able
to easily find rates lower than the average, Freddie Mac said.

"Borrowers can meaningfully benefit from shopping around for a
better rate," it said. "Our research indicates that borrowers
could save an average of $1,500 over the life of a loan by
getting one additional rate quote and an average of about $3,000
if they get five quotes."

https://www.nbcnews.com/business/economy/mortgage-rates-just-hit-
highest-level-since-2008-rcna46854