• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Mortgage rates are now at the highest level of the year, and could still climb
Editor's Pick

Mortgage rates are now at the highest level of the year, and could still climb

by April 19, 2024
by April 19, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

The average rate on the popular 30-year fixed mortgage crossed over 7% on April 1, according to Mortgage News Daily, and it just kept going. It now sits right around 7.5%, the highest level since mid-November of last year.

Rates hit their highest level in a few decades last October, causing home sales to grind to a halt. Builders jumped to buy down rates for their customers and managed to do better than existing home sellers.

Rates then fell through mid-January to the mid-6% range and held there into February, causing a surge in home sales. But then they began rising again.

“By mid-February, a pick-up in inflation reset expectations, putting mortgage rates back on an upward trend, and more recent data and comments from Fed Chair [Jerome] Powell have only underscored inflation concerns,” said Danielle Hale, chief economist for Realtor.com. “Sales data over the next few months is likely to reflect the impact of now-higher mortgage rates.”

Even with rates higher, however, mortgage applications to purchase a home rose 5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand was still 10% lower than the same week one year ago, even with rates now 70 basis points higher than they were a year ago.

“Despite these higher rates, application activity picked up, possibly as some borrowers decided to act in case rates continue to rise,” said Joel Kan, MBA’s chief economist.

That may be short-lived, however, as affordability weakens even further. While there is more supply on the market now than there was a year ago, it is still at a very low level historically. That has caused homes to move faster as the competition increases. Anyone waiting for rates to drop significantly may be waiting for a while.

“Recent economic data shows that the economy and job market remain strong, which is likely to keep mortgage rates at these elevated levels for the near future,” said Bob Broeksmit, MBA’s president and CEO.

This post appeared first on NBC NEWS
You Might Also Like
  • Netflix says its ad tier now has 94 million monthly active users
  • Amazon is stepping up to fill a gap in Hollywood’s movie slate
  • UAW strike would show Biden and other leaders it’s time to ‘pick a side,’ union boss says
  • As tourists seek refunds for upcoming Maui trips, Airbnb offers muddled response
Share
0
FacebookTwitterPinterestWhatsapp

previous post
Israel strikes site in Iran in retaliation for weekend assault: source
next post
Disneyland characters and cast members attempt to unionize

You may also like

Amazon ‘anti-union propaganda,’ employee surveillance loom over labor vote at...

February 17, 2025

Amazon set to pass Walmart in revenue for first time

February 6, 2025

Over 3 million on Social Security may wait more than...

January 29, 2025

Babies R Us is back: Here’s why Kohl’s is betting...

August 2, 2024

Swiss bank will pay $122.9 million after helping U.S. citizens...

December 5, 2023

Hertz says 2024 hack exposed some customers’ driver license and...

April 15, 2025

S&P 500 closes above 5,600 for the first time, lifted...

July 11, 2024

UBS buys Credit Suisse for $3.2 billion as regulators look...

March 20, 2023

Holiday travelers can expect cheaper flights, packed hotels and lots...

November 20, 2023

Trial of former FTX head Sam Bankman-Fried set to begin

October 3, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025
    • Amazon extends Prime Day discounts to 4 days as retailers weigh tariffs and price increases

      July 9, 2025
    • Breakout Watch: One Stock in Each Sector to Watch Now

      July 9, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,630 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,576 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,449 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Want Faster, Lower Risk Trades? Use This Setup

      July 9, 2025
    • The Seasonality Trend Driving XLK and XLI to New Highs

      July 9, 2025
    • Small Caps Are Rotating In — Here’s Why It Matters

      July 9, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,167)
    • Investing (538)
    • Stock (2,660)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Why it seems like everyone you...

    May 29, 2024

    Consumer price growth falls to below...

    May 11, 2023

    Southwest Airlines will charge to check...

    March 11, 2025
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here