Mortgage rates rise, hitting demand
Published On Dec 19, 2024, 1:09 PM
Mortgage rates have risen recently, contributing to a decrease in overall demand for home loans. According to Freddie Mac, the average rate for a 30-year fixed mortgage increased to 6.72%, up from 6.60% the previous week, with a notable decline in refinancing applications. This uptick in mortgage rates is causing potential homebuyers to hesitate, although the market is seeing some purchase activity as buyers adjust to these higher rates.
Stock Forecasts
XHB
Negative
As mortgage rates continue to rise, the housing market may face challenges, particularly in refinancing and overall transaction volume. Investors may want to be cautious with stocks related to the mortgage and housing sectors, as reduced demand could adversely affect their revenues.
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