Mortgage rates rise for fourth straight week
Published On Oct 24, 2024, 12:01 PM
Mortgage rates have continued to rise for the fourth consecutive week, currently averaging 6.54% for a 30-year fixed mortgage, up from 6.44% the previous week. This increase has driven down demand in the housing market, which is already nearly stagnant. Freddie Mac's chief economist attributes the rising rates to strong economic performance, which contrasts with a prevailing downbeat economic outlook. Many potential buyers are waiting for rates to decrease before making moves, especially as about 80% of current mortgage holders have rates below 5%.
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The trend of rising mortgage rates likely reflects ongoing economic strength, which may lead to more investors cautiously approaching the housing and finance sectors. The pressure on housing demand could impact real estate stocks negatively in the short term.
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