{"id":812,"date":"2022-07-22T20:42:06","date_gmt":"2022-07-22T20:42:06","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/22\/mortgage-rates-continue-to-inch-upward-amid-sluggish-housing-market\/"},"modified":"2022-07-22T20:42:06","modified_gmt":"2022-07-22T20:42:06","slug":"mortgage-rates-continue-to-inch-upward-amid-sluggish-housing-market","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/07\/22\/mortgage-rates-continue-to-inch-upward-amid-sluggish-housing-market\/","title":{"rendered":"Mortgage Rates Continue To Inch Upward Amid \u2018Sluggish\u2019 Housing Market"},"content":{"rendered":"

<\/a><\/p>\n

Getty Images<\/p>\n

<\/p>\n

The 30-year fixed-rate mortgage averaged 5.54% as of July 21,\u00a0according to data released<\/a> by Freddie Mac on Thursday. That\u2019s up 3 basis points from the previous week\u2014one basis point is equal to one hundredth of a percentage point, or 1% of 1%.<\/p>\n

The average rate on the 15-year fixed-rate mortgage rose 8 basis points over the past week to 4.75%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.31%, down 4 basis points from the prior week.<\/p>\n

\u201cThe housing market remains sluggish as mortgage rates inch up for a second
\nconsecutive week,\u201d Sam Khater, chief economist at Freddie Mac, said in a statement.<\/p>\n

\u201cConsumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand,\u201d he added, so as \u201ca result of these factors, we expect house price appreciation to moderate noticeably.\u201d<\/p>\n

The interest-rate-sensitive U.S. housing market is in the midst of a broad slowdown, partly because of the Federal Reserve\u2019s battle against high inflation.<\/p>\n

Lawrence Yun, chief economist at the National Association of Realtors, said on Wednesday that he expects home price appreciation will slow to 5% by the end of the year and will perhaps be a little slower in 2023. But Yun said he was not forecasting a nationwide price decline.<\/p>\n

But higher interest rates are pushing borrowing costs higher, making\u00a0renting a cheaper option<\/a>\u00a0than owning a home in many cities, even as rents are sky-high.<\/p>\n

Other signs of a cooling market include a drop in existing home sales, which\u00a0fell in June<\/a>, and waning homebuilder confidence, which also\u00a0fell in July<\/a>, indicating that housing supply may be constrained moving forward. Meanwhile, mortgage application volume fell to a\u00a0fresh 22-year low<\/a>.<\/p>\n

The yield on the 10-year Treasury note\u00a0dipped below 2.99% in morning trading.<\/p>\n

The post Mortgage Rates Continue To Inch Upward Amid \u2018Sluggish\u2019 Housing Market<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images The 30-year fixed-rate mortgage averaged 5.54% as of July 21,\u00a0according to data released by Freddie Mac on Thursday. That\u2019s up 3 basis points from the previous week\u2014one basis point is equal to one hundredth of a percentage point, or 1% of 1%. The average rate on the 15-year fixed-rate mortgage rose 8 basis…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=812"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/813"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=812"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}