Mortgage Rates Increase to 4-Year High After Fastest Gain Since 1994
Mortgage rates reached a four-year high this week, boosting the average monthly home-loan payment by 20% from a year ago, Freddie Mac said.
April 7, 2022 1 MIN
Mortgage rates reached a four-year high this week, boosting the average monthly home-loan payment by 20% from a year ago, Freddie Mac said.
The Fed plans to reduce its balance sheet more aggressively than the last time it ended a bond-buying program, according to minutes released on Wednesday.
Home prices grew 20% in February from a year earlier, a record pace, as buyers competed for a limited amount of properties on the market, CoreLogic said.
A critical measure of U.S. inflation surged to the highest level since Ronald Reagan was president as global supply chains snarled by the pandemic fueled price increases.
The U.S. median listing price reached a record high of $405,000 in March, according to a Realtor.com report on Thursday.
Home-loan rates for so-called conforming mortgages eligible to be purchased by Fannie Mae and Freddie Mac increased to the highest level since the beginning of 2019.
Home prices continued to skyrocket, depite a gain in mortgage rates, as the inventory of homes for sale dropped to the lowest ever recorded.
The three largest credit reporting companies in the U.S. announced last week they will remove about 70% of medical collection debt from consumer records.
Mortgage rates at a three-year high are impacting home sales, making it tough for buyers to stretch to pay record-high property prices, NAR's chief economist said.
The surge in lending for mortgages backed by the Department of Veterans Affairs came after rates dropped to a record low in the closing days of 2020.
