{"id":1427162,"date":"2022-04-09T21:44:37","date_gmt":"2022-04-10T01:44:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1427162"},"modified":"2022-04-09T21:44:38","modified_gmt":"2022-04-10T01:44:38","slug":"mortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable\/","title":{"rendered":"Mortgage Rates Soaring At Fastest Pace In Nearly 30 Years, Making Homes Even Less Affordable"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1427162&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2021\/06\/GettyImages-81888267-suburbs-scaled.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Mortgage rates are soaring at the fastest pace in three decades as interest rates begin to rise.<\/span><\/p>\n<p><span>According to government-backed mortgage company Freddie Mac, 30-year fixed-rate mortgages now average 4.72% \u2014 a sharp increase from 3.13% one year ago.<\/span><\/p>\n<p><span>\u201cMortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994,\u201d Freddie Mac chief economist Sam Khater said in a <\/span><a href=\"https:\/\/freddiemac.gcs-web.com\/news-releases\/news-release-details\/mortgage-rates-continue-climbing-0\"><span>press release<\/span><\/a><span>. \u201cThe increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.\u201d<\/span><\/p>\n<p><span>Freddie Mac also revealed that the 15-year fixed-rate mortgage averages 3.83%, up from 2.42% one year ago.<\/span><\/p>\n<p><span>Meanwhile, CNBC real estate correspondent Diana Olick <\/span><a href=\"https:\/\/www.cnbc.com\/2022\/04\/06\/surging-interest-rates-push-mortgage-demand-down-more-than-40percent-from-a-year-ago.html\"><span>wrote<\/span><\/a><span> that total mortgage application volume is quickly plummeting \u2014 down 41% from one year ago. \u201cRising interest rates are crushing the mortgage market,\u201d she explained, \u201cas precious few homeowners can now benefit from a refinance and more potential homebuyers become priced out.\u201d<\/span><\/p>\n<p><span>\u201cMortgage application volume continues to decline due to rapidly rising mortgage rates, as financial markets expect significantly tighter monetary policy in the coming months,\u201d economist Joel Kan told CNBC. \u201cAs higher rates reduce the incentive to refinance, application volume dropped to its lowest level since the spring of 2019.\u201d<\/span><\/p>\n<p><span>Indeed, the Federal Reserve recently <\/span><a href=\"https:\/\/www.dailywire.com\/news\/the-federal-reserve-just-raised-interest-rates-how-will-it-impact-your-family\"><span>voted<\/span><\/a><span> to raise interest rates by 0.25% \u2014 the first such action since 2018, and likely the first of many rate hikes this year. During the 2020 recession, the central bank\u2019s near-zero interest rates stimulated spending and borrowing \u2014 and therefore contributed to extraordinary demand for real estate.<\/span><\/p>\n<p><span>As The Daily Wire\u2019s Cabot Phillips explained on a recent episode of \u201c<\/span><a href=\"https:\/\/www.dailywire.com\/podcasts\/morning-wire\"><span>Morning Wire<\/span><\/a><span>,\u201d the Federal Reserve is now warning of a housing bubble.<\/span><\/p>\n<p><span>When asked why housing costs are spiking, Phillips pointed to inflation \u2014 which is currently at an 8% year-to-year rate \u2014 rising costs for lumber and fuel, and continued fallout from COVID-19. \u201cDuring the pandemic, new construction projects were halted across the board, and that means the number of houses now up for sale is far lower than usual. It\u2019s simple supply and demand,\u201d he explained. \u201cAnd unfortunately on that front, it will likely take years for new home construction to once again meet demand.\u201d<\/span><\/p>\n<p><span>\u201cSome real estate experts say that increasing mortgage rates should cool the market a bit,\u201d Phillips commented. \u201cRemember, mortgage rates were down around 2% during the pandemic, so a lot of people were simply able to afford houses that a few years earlier, when rates were higher, would\u2019ve been out of their price range.\u201d<\/span><\/p>\n<p><span>Some experts believe that \u201cuntil the supply of houses meets the overwhelming demand that we\u2019re seeing right now, prices will continue to rise,\u201d Phillips remarked.<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>Become a member now and join our mission<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates are soaring at the fastest pace in three decades as interest rates begin to rise.According to government-backed mortgage company Freddie Mac, 30-year fixed-rate mortgages now average 4.72% \u2014<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1427162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1427162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1427162"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1427162\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1427162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1427162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1427162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}