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%.

Read full article

Stock Forecasts

XHBView XHB chart on TradingView

Negative

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.

Related News

Why mortgage rates are going up despite the Fed's interest rate cut

Oct 21, 2024, 1:52 PM

Mortgage rates are increasing in recent weeks despite the Federal Reserve's decision to cut interest rates last month for the first time in four years.

XHB

I Can’t Buy a House. I Can’t Shop. I’m Too Worried About the Election.

Oct 20, 2024, 5:01 AM

Election anxiety is causing many consumers to avoid big-ticket purchases like houses, weddings and cars. “Every four years this happens,” one former car dealer said.

XHB

Mortgage rates spike for third straight week while buyers grow cautious

Oct 17, 2024, 12:01 PM

Higher mortgage rates mean fewer buyers and refinancers are moving forward with transactions. The average on a 30-year loan hit 6.44%.

XHB