Mortgage rates climb north of 6.5% for first time since August
Published On Oct 24, 2024, 12:07 PM
Mortgage rates have increased for the fourth week in a row, now reaching an average of 6.54% for a 30-year fixed rate mortgage, the highest since August. This rise in mortgage rates, which closely follows an uptick in Treasury yields, is contributing to a cooling housing market. Existing home sales fell to their lowest level since 2010, and both purchase and refinancing applications have seen declines. These trends suggest a challenging environment for the housing sector as we approach the seasonal slowdown.
Stock Forecasts
XLF
Negative
With rising mortgage rates likely to dampen housing demand and existing home sales already falling significantly, the outlook for real estate-related investments appears negative. Investors may want to be cautious when considering stocks in the real estate sector or related financial services. Additionally, there may be increasing interest in selecting investments that benefit from rising rates, such as ETFs focused on Treasury bonds.
Related News
Wall Street’s trading desks are having a great year. The election could keep that going.
Oct 24, 2024, 4:00 AM
Trading desks at major banks are expecting a flurry of activity when the chaotic 2024 election comes to a close, and that could cement what is already a banner year for Wall Street.
Stock futures are little changed as earnings season gains steam: Live updates
Oct 21, 2024, 6:01 PM
The Dow Jones Industrial Average snapped a three-day winning streak.
Treasury 10-Year yields may hit 5% in six months, T. Rowe says
Oct 21, 2024, 3:57 AM
(Bloomberg) -- Benchmark Treasury yields may soon hit a key level on the back of rising inflation expectations and concerns over US fiscal spending, according to T. Rowe Price.Most Read from BloombergA Broken Oil Pipeline Plunges South Sudan’s Capital Into ChaosDrug Decriminalization Spawns a Political Debacle for ProgressivesCities Look to AI to Flag Residents’ Trash and Recycling MistakesOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedChicago Should Consider Furloughs, Highe