{"id":10459,"date":"2023-05-18T12:09:55","date_gmt":"2023-05-18T16:09:55","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/bad-news-for-home-buyers-mortgage-rates-inch-higher-adding-costs-to-the-home-buying-process\/"},"modified":"2023-05-18T12:09:57","modified_gmt":"2023-05-18T16:09:57","slug":"bad-news-for-home-buyers-mortgage-rates-inch-higher-adding-costs-to-the-home-buying-process","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10459","title":{"rendered":"Bad news for home buyers: Mortgage rates inch higher, adding costs to the home-buying process"},"content":{"rendered":"
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The numbers: <\/strong>Home buyers are accepting the new reality of higher mortgage rates, but volatile rates and inventory challenges continue to hamper the U.S. housing market.<\/p>\n

The 30-year fixed-rate mortgage averaged 6.39% as of May 18, according to data released by Freddie Mac on Thursday.\u00a0<\/p>\n

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That was up 4 basis points from the previous week \u2014 one basis point is equal to one hundredth of a percentage point.\u00a0<\/p>\n

Last week, the 30-year was at 6.35%. Last year, the 30-year was averaging at 5.25%<\/p>\n

The average rate on the 15-year mortgage remained unchanged at 5.75%. The 15-year was at 4.43% a year ago.<\/p>\n

Freddie Mac\u2019s weekly report on mortgage rates is based on thousands of applications received from lenders across the country that are submitted to Freddie Mac when a borrower applies for a mortgage.\u00a0<\/p>\n

Separate data by Mortgage News Daily said that the 30-year fixed-rate mortgage was averaging at 6.7% as of Thursday afternoon.<\/p>\n

What Freddie Mac said: <\/strong>\u201cAfter the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.<\/p>\n

\u201cThis indicates that while affordability remains a hurdle, homebuyers are getting used to current rates and continue to pursue homeownership,\u201d he added.<\/p>\n

What are they saying?<\/strong> Home sales fell in April, as low inventory and high rates weighed on the housing market.\u00a0<\/p>\n

\u201cThe high cost of a new mortgage is acting to discourage homeowners with a low fixed-rate mortgage from moving, which is disrupting sales chains,\u201d Sam Hall, property economist at Capital Economics, wrote in a note.\u00a0<\/p>\n

\u201cWe expect subdued sales activity to persist this year as a weakening economy weighs on homebuyer sentiment,\u201d he added. Gallup said recently that home-buying sentiment has fallen to a 45-year low.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Home buyers are accepting the new reality of higher mortgage rates, but volatile rates and inventory challenges continue to hamper the U.S. housing market. The 30-year fixed-rate mortgage averaged 6.39% as of May 18, according to data released by Freddie Mac on Thursday.\u00a0 That was up 4 basis points from the previous week […]<\/p>\n","protected":false},"author":1,"featured_media":10460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-10459","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBad news for home buyers: Mortgage rates inch higher, adding costs to the home-buying process | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: Home buyers are accepting the new reality of higher mortgage rates, but volatile rates and inventory challenges continue to hamper the U.S.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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