30-year mortgage rate climbs to just under 7%, pushing up borrowing costs for the first time since May [Fortune]
Federal Home Loan Mortgage Corporation (FMCC)
NASDAQ:AMEX Investor Relations:
freddiemac.com/investors
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Source: Fortune
The rate rose to 6.95% from 6.86% last week , mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%. The uptick follows a four-week pullback in the average rate, which has mostly hovered around 7% this year. When rates rise they can add hundreds of dollars a month in costs for borrowers . The elevated mortgage rates have been a major drag on home sales, which remain in a slump dating back to 2022. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.25% from 6.16% last week. A year ago, it averaged 6.24%, Freddie Mac said. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve's interest rate policy and the moves in the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield, which topped 4.7% in late April, has been generally declining since then on hopes that infla
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News
- US home prices just hit another all-time high [Yahoo! Finance]Yahoo! Finance
- US home prices just hit another all-time high [FOX Business Network]FOX Business Network
- Mortgage rates crept back up closer to 7% as home prices also jump up [FOX Business Network]FOX Business Network
- Why Should You Invest In Real Estate In 2024? [Forbes]Forbes
- The US housing slump deepened this spring. Where does that leave home shoppers and sellers? [Yahoo! Finance Canada]Yahoo! Finance Canada
FMCC
Sec Filings
- 7/8/24 - Form 3
- 7/2/24 - Form ABS-15G
- 7/2/24 - Form ABS-15G
- FMCC's page on the SEC website