logo
  

Mortgage Rates Breach 7% Again

Mortgage rates, or interest rates on home loans, increased and breached the 7% mark again, reflecting "tightening monetary policy", according to mortgage provider Freddie Mac (FMCC.OB).

Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 7.08 percent for the week ending November 10, 2022, up from 6.95 percent last week. A year ago at this time, the average rate was 2.98 percent.

The 15-year FRM this week averaged 6.38 percent, up from 6.29 percent last week. A year ago at this time, the 15-year FRM averaged 2.27 percent.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage or ARM averaged 6.06 percent, up from 5.95 percent last week. It was 2.53 percent a year ago.

"As the housing market adjusts to rapidly tightening monetary policy, mortgage rates again surpassed seven percent," said Sam Khater, Freddie Mac's Chief Economist. "The housing market is the most interest-rate sensitive segment of the economy, and the impact rates have on homebuyers continues to evolve. Home sales have declined significantly and, as we approach year-end, they are not expected to improve."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Precision care innovator GE HealthCare Technologies, Inc., recently spun-off from General Electric Co., reported on Monday that profit for the fourth quarter declined from last year, reflecting higher interest and other financial charges. The company also initiated adjusted earnings guidance for the full-year 2023. Japanese auto major Toyota Motor Corp. has retained its title as the world's top selling automaker in fiscal 2022 for the third straight year, by selling around 10.5 million vehicles. The global sales were nearly flat with last year amid solid demand centered around Asia, while global production grew with increased capacity and production optimization in North America and Asia. Dutch consumer electronics giant Philips Electronics NV reported Monday a loss in its fourth quarter, compared to prior year's profit, even as sales increased. The company further declared a dividend, and said its order book remains strong. Going ahead, the company projects comparable sales growth in fiscal 2023, 2025, and beyond.
Follow RTT