US 30-year mortgage rate rises above 7 per cent
The average US 30-year fixed mortgage rate has risen to 7.03 per cent, according to data cited by the South China Morning Post. The rate is higher than the 6.30 per cent recorded a year earlier and is described as the highest level since January of last year.
The average interest rate on a popular US 30-year fixed mortgage has risen above 7 per cent, according to data cited by the South China Morning Post. The rate averaged 7.03 per cent on Thursday. That compared with 6.30 per cent during the same period a year earlier, representing a marked increase in borrowing costs for prospective homeowners.
The report described the latest average as the highest since January 16 of the previous year. It said the increase came as US voters faced high living costs ahead of midterm elections. The supplied material linked the rate’s level to the period since Donald Trump returned to the presidency, saying it was the highest recorded during his presidency.
It did not provide an explanation for the movement in mortgage rates or identify the organisation responsible for the data. The report also did not state how the change had affected applications, home sales or household finances. Its available figures show only the comparison between the latest 7.03 per cent average and the 6.30 per cent level recorded a year earlier.
The 30-year fixed-rate mortgage is described in the source as a popular product in the US.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.