Oct 27, 2022 | Politics

30-Year Mortgage Rate Rises Above 7%, Highest Since 2001

30-Year Mortgage Rate Rises Above 7%, Highest Since 2001

The 30-year fixed mortgage rate reached 7.16 percent, the highest it has been since 2001, according to the Mortgage Bankers Association (MBA).

As rates increase, mortgage applications have decreased by 1.7 percent on a seasonally adjusted basis from last week while dropping by two percent on an unadjusted basis.

“The ongoing trend of rising mortgage rates continues to depress mortgage application activity, which remained at its slowest pace since 1997,” stated Joel Kan, MBA’s Vice President and Deputy Chief Economist.

The 7.16 percent increase is based on the national conforming loan limit for 2022, which is at $647,200. The 30-year fixed rate for a jumbo balance — any purchase greater than the conforming loan limit — climbed to 6.53 percent from 6.31 percent.

Kan also pointed out home purchases are decreasing, as the purchase index fell two percent on a…

Source link

We are only showing you a preview of the content, we are curating news worth reading and sharing. Please follow the source link above to read the full content.

Telegram comments:

we use telegram comments to deter spammers.