{"id":29186,"date":"2023-06-29T12:30:54","date_gmt":"2023-06-29T16:30:54","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/home-buyers-have-adjusted-to-new-normal-of-near-7-mortgage-rates-freddie-mac-says\/"},"modified":"2023-06-29T12:30:56","modified_gmt":"2023-06-29T16:30:56","slug":"home-buyers-have-adjusted-to-new-normal-of-near-7-mortgage-rates-freddie-mac-says","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29186","title":{"rendered":"\u2018Home buyers have adjusted\u2019 to new normal of near-7% mortgage rates, Freddie Mac says"},"content":{"rendered":"
\n

The numbers:<\/strong> Mortgage rates inched up, but they\u2019re not likely to impact home-buying demand significantly as buyers have adjusted to the new normal of 7%.\u00a0<\/p>\n

Home buyers are more challenged by the lack of inventory, as homeowners hold out on selling houses, leading to a drop in existing-home sales in May.<\/p>\n

\n

The 30-year fixed-rate mortgage averaged 6.71% as of June 29, according to data released by Freddie Mac on Thursday.\u00a0<\/p>\n

That\u2019s 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 6.67%. Last year, the 30-year was averaging 5.7%<\/p>\n

The average rate on the 15-year mortgage rose to 6.06% from 6.03% last week. The 15-year was at 4.83% 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 6.91% as of Thursday afternoon.<\/p>\n

What Freddie Mac said: <\/strong>\u201cMortgage rates have hovered in the six to seven percent range for over six months and, despite affordability headwinds, homebuyers have adjusted and driven new home sales to its highest level in more than a year,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.<\/p>\n<\/p><\/div>\n<\/div>\n

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

The numbers: Mortgage rates inched up, but they\u2019re not likely to impact home-buying demand significantly as buyers have adjusted to the new normal of 7%.\u00a0 Home buyers are more challenged by the lack of inventory, as homeowners hold out on selling houses, leading to a drop in existing-home sales in May. The 30-year fixed-rate mortgage […]<\/p>\n","protected":false},"author":1,"featured_media":29187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-29186","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\n\u2018Home buyers have adjusted\u2019 to new normal of near-7% mortgage rates, Freddie Mac says | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: Mortgage rates inched up, but they\u2019re not likely to impact home-buying demand significantly as buyers have adjusted to the new normal of 7%.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=29186\" \/>\n<meta property=\"og:locale\" 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