The average U.S. rate for a 30-year fixed home loan climbed for the third consecutive week as bond investors demanded higher yields, Freddie Mac said.
U.S. home prices gained 18.5% in August from a year earlier, slowing from July’s record pace of 19.2%, as rising mortgage rates crimped the ability of buyers to engage in bidding wars.
New-home sales surges in September and the median U.S. price rose to a record as house-shoppers rushed to take advantage of low mortgage rates.
The share of mortgages late by 30 days or more fell to 3.91% in September, almost half the level of a year ago, Black Knight said in a report.
Some of the housing provisions of the Build Back Better bill that seemed destined for the chopping block are now back in play, including some form of down payment assistance.
About 1.24 million mortgage holders remain in Covid-19-related forbearance plans, the lowest since the beginning of the pandemic, Black Knight said in a report on Friday.
The median existing home price in September was $352,800, an increase of 13% from a year earlier, and prices rose in every region, NAR said.
Mortgage rates rose this week as stronger-than-expected economic data and concerns about inflation drove bond investors to demand higher yields for their investments.
Homeowners who live in coastal areas will be paying more to offset the effects of climate change as the Federal Emergency Management Agency subsidizes fewer premiums and raises rates.
Housing starts dipped by 1.6% in September and the number of permits reached a one-year low while homebuilders grappled with supply-chain gridlocks.
