{"id":1439830,"date":"2022-04-15T08:45:43","date_gmt":"2022-04-15T12:45:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1439830"},"modified":"2022-04-15T08:45:48","modified_gmt":"2022-04-15T12:45:48","slug":"mortgage-rates-hit-highest-level-in-over-a-decade","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-hit-highest-level-in-over-a-decade\/","title":{"rendered":"Mortgage Rates Hit Highest Level In Over A Decade"},"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\">18<\/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-hit-highest-level-in-over-a-decade%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=1439830&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\/2022\/03\/Home-For-Sale-scaled-e1648684351236.jpg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>The 30-year mortgage rate has reached 5%, rendering homeownership more expensive for American families.<\/span><\/p>\n<p><span>According to government-backed mortgage company <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span>Freddie Mac<\/span><\/a><span>, 30-year fixed-rate mortgages <\/span><a href=\"https:\/\/www.dailywire.com\/news\/mortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable\"><span>rose<\/span><\/a><span> 0.28% in a single week and nearly 2% since this time last year.<\/span><\/p>\n<p><span>\u201cAs Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation,\u201d the company\u2019s website explained.\u00a0<\/span><\/p>\n<p><span>Realtor.com economist George Ratiu told <\/span><a href=\"https:\/\/www.wsj.com\/articles\/mortgage-rates-hit-5-for-first-time-since-2011-11649943332?mod=hp_lead_pos1\"><span>The Wall Street Journal<\/span><\/a><span> that, as of one year ago, purchasing the median American home at prevailing rates implied a monthly mortgage bill of about $1,223 after a 20% down payment. Today, the same purchase would imply a monthly payment of nearly $1,700\u2014a 38% increase, he estimated.<\/span><\/p>\n<p><span>\u201cMost Americans who buy a home are in a sense making the biggest purchase of their lives,\u201d Ratiu added, noting that the additional barrier to home ownership will harm American families.<\/span><\/p>\n<p><span>Last week, 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>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. The central bank recently made its first move to raise interest rates, thereby increasing the cost of borrowing money and making loans more expensive.<\/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 the continued fallout from COVID-19. <\/span><\/p>\n<p><span>\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>The 30-year mortgage rate has reached 5%, rendering homeownership more expensive for American families.According to government-backed mortgage company Freddie Mac, 30-year fixed-rate mortgages rose 0.28% in a single week and<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1439830","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\/1439830","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=1439830"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1439830\/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=1439830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1439830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1439830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}