cloudyn.png
Thursday July 7th, 2022 4:22AM

Average long-term US mortgage rates edge up to 5.3%

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) —

Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009.

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By contrast, the average rate stood at 2.94% a year ago.

The Federal Reserve last week intensified its fight against the worst inflation in 40 years by raising its benchmark interest rate by a half-percentage point and signaling further large rate hikes to come. The Fed’s move, its most aggressive since 2000, will bring higher costs for mortgages as well as credit cards, auto loans and other borrowing for individuals and businesses.

On Thursday, the government reported that U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation for consumers and businesses will linger in the months ahead.

On Wednesday, the government reported that inflation eased slightly in April after months of relentless increases but remained near a four-decade high. Consumer prices jumped 8.3% last month from a year ago, just below the 8.5% year-over-year surge in March, which was the highest since 1981.

With inflation at a four-decade high, rising mortgage rates, elevated home prices and tight supply of homes for sale, homeownership has become less attainable, especially for first-time buyers.

Some economists predict that home sales this year could decline as much as 10% from 2021 levels.

The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, dipped to 4.48% from 4.52% last week. That rate was 2.26% a year ago.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services, AP Business - Personal Finance, AP Business - Real Estate
© Copyright 2022 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
EU plan aims to help get wheat from Ukraine to the world
The European Commission is proposing to help Ukraine move its critical grain supplies to parts of the world at risk of food insecurity
10:17AM ( 22 minutes ago )
Average long-term US mortgage rates edge up to 5.3%
Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009
10:12AM ( 27 minutes ago )
Live updates | Russia to respond to Finnish decision on NATO
Russia has warned that it will have to take unspecified “military-technical” steps in response to Finland’s decision to join NATO
10:08AM ( 32 minutes ago )
Associated Press (AP)
Russia hits east Ukraine, Finland moves toward joining NATO
Russian forces pounded areas in Ukraine’s east on, including the last pocket of resistance in besieged Mariupol
9:16AM ( 1 hour ago )
Palestinians mourn slain Al Jazeera journalist, blame Israel
Thousands have gathered to mourn a slain Al Jazeera journalist in the occupied West Bank city of Ramallah
9:04AM ( 1 hour ago )
US producer prices surge 11% in April as food prices jump
U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead
8:58AM ( 1 hour ago )
AP Business
Party official: Wickremesinghe to be appointed Sri Lankan PM
A party official says five-time former Sri Lankan Prime Minister Ranil Wickremesinghe will be reappointed in an effort to bring stability to the island nation, engulfed in a political and economic crisis
7:34AM ( 3 hours ago )
Biden hosts ASEAN as he looks to show Pacific commitment
President Joe Biden is hosting leaders from the Association of Southeast Asian Nations as his administration continues an effort to demonstrate that the United States hasn’t lost focus on the Pacific
6:36AM ( 4 hours ago )
World shares decline as inflation falls less than hoped for
World shares have fallen following the release of U.S. inflation data that was higher than expected
5:40AM ( 4 hours ago )
AP Business - Economy
North Korea confirms 1st COVID outbreak, Kim orders lockdown
North Korea has imposed a nationwide lockdown to control its first acknowledged COVID-19 outbreak of the pandemic
7:23AM ( 3 hours ago )
Russia hits Ukraine’s east as Finland moves toward NATO bid
Russia pounded areas in Ukraine’s east, including the last pocket of resistance in besieged Mariupol, as the war pushed Finland closer to seeking NATO membership
6:45AM ( 3 hours ago )
Live updates | UN blames Russia for most civilian casualties
The U.N.’s human rights chief says her office has found that Russian forces and affiliated armed groups are responsible for most civilian deaths during the war in Ukraine
6:36AM ( 4 hours ago )
AP Business - Industries
Senate confirms Black economist to Federal Reserve Board
The Senate has confirmed economist Phillip Jefferson to the Federal Reserve’s Board of Governors
7:35PM ( 15 hours ago )
Tech sector leads stocks lower as inflation remains high
Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared
4:34PM ( 18 hours ago )
Sri Lanka deploys troops in capital after violence, protests
Sri Lankan authorities have deployed armored vehicles and troops in the streets of the capital two days after pro-government mobs attacked peaceful protesters, triggering a wave of violence across the country
10:02AM ( 1 day ago )
AP Business - Financial Services
High inflation leaves food banks struggling to meet needs
Kendall Nunamaker and her family of five in Kennewick, Washington, faced impossible math this month: how do they pay for gas, groceries and their mortgage with inflation driving up prices
4:20PM ( 18 hours ago )
'Roe' under threat, California leans in as abortion refuge
California is preparing for a world without federal abortion protections
12:14PM ( 5 days ago )
Growing African mangrove forests aim to combat climate woes
In a bid to protect coastal communities from climate change and encourage investment, African nations are increasingly turning to mangrove restoration projects, with Mozambique becoming the latest addition to the growing list of countries with large scale mangrove initiatives
2:17AM ( 6 days ago )
AP Business - Personal Finance
US mortgage rates rise; 30-year at 5.27%, highest since 2009
Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009
3:32PM ( 6 days ago )
Rising interest rates in US will hinder foreign economies
When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans
12:23AM ( 1 week ago )
How higher Fed rates stand to affect Americans' finances
Record-low mortgages below 3% are long gone
7:43PM ( 1 week ago )
AP Business - Real Estate
EU plan aims to help get wheat from Ukraine to the world
The European Commission is proposing to help Ukraine move its critical grain supplies to parts of the world at risk of food insecurity
10:17AM ( 23 minutes ago )
Live updates | Russia to respond to Finnish decision on NATO
Russia has warned that it will have to take unspecified “military-technical” steps in response to Finland’s decision to join NATO
10:08AM ( 32 minutes ago )
Finland moves toward joining NATO amid Russia threats
Finland’s leaders have come out in favor of applying to join NATO, and Sweden could do the same within days
10:05AM ( 34 minutes ago )
Report criticizes meat industry, USDA response to pandemic
A new Congressional report says that at the height of the pandemic, the meat processing industry worked closely with political appointees in the Trump administration to stave off health restrictions and keep slaughterhouses open even as COVID-19 spread rapidly among workers
10:02AM ( 37 minutes ago )
Astronomers capture 1st image of Milky Way's huge black hole
Astronomers have unveiled the first wild but fuzzy image of the supermassive black hole at the center of our own Milky Way galaxy
9:57AM ( 42 minutes ago )