{"id":1995238,"date":"2023-08-09T11:14:01","date_gmt":"2023-08-09T15:14:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-eclipse-7-highest-since-november-in-troubling-sign-for-market\/"},"modified":"2023-08-09T11:16:06","modified_gmt":"2023-08-09T15:16:06","slug":"mortgage-rates-eclipse-7-highest-since-november-in-troubling-sign-for-market","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-eclipse-7-highest-since-november-in-troubling-sign-for-market\/","title":{"rendered":"Mortgage rates surge past 7%, signaling market concerns."},"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\">16<\/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-eclipse-7-highest-since-november-in-troubling-sign-for-market%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=1995238&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--><h2>Mortgage Rates Surge to\u2064 Highest Level in Months<\/h2>\n<p>Mortgage rates have \u200cskyrocketed to over 7%, marking the highest level in months. This surge comes \u200das a result of the Federal Reserve&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">interest rate hikes<\/a>, \u2062signaling potential trouble for\u2062 both\u200c the housing industry and the broader economy.<\/p>\n<p>According to the Mortgage \u200cBankers\u200c Association, the\u200d average rate on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/middle-class-millennials-hard-hit-by-housing-market\/\" title=\"Middle Class, Millennials Hard Hit By Housing Market\">30-year fixed-rate mortgage<\/a>\u200b now stands at 7.09%, a \u2064significant \u2063increase of nearly a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-to-inflation-back-to-school-prices-expected-to-skyrocket\/\" title=\"Thanks To Inflation, Back-To-School Prices Expected To Skyrocket\">full percentage point<\/a> since the beginning of \u2064the year. These rates haven&#8217;t been this high since November, when they previously surpassed the \u20627% mark.<\/p>\n<h3>Moody&#8217;s Downgrades Several US \u200cBanks\u2064 Amid Banking Sector Strain<\/h3>\n<p>&#8220;Treasury\u200d yields rates rose last \u200bweek, and mortgage rates followed suit, due\u200b to a combination of the Treasury&#8217;s funding \u2063announcement and the downgrading of the U.S. government debt rating. Rates increased for all loan types in our\u200d survey,&#8221; explained Joel Kan, the\u2063 Mortgage Bankers Association&#8217;s vice president\u2062 and deputy\u2064 chief economist.<\/p>\n<p>Furthermore, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-soaring-at-fastest-pace-in-nearly-30-years-making-homes-even-less-affordable\/\" title=\"Mortgage Rates Soaring At Fastest Pace In Nearly 30 Years, Making Homes Even Less Affordable\">mortgage application volume<\/a> has declined for three consecutive weeks, with the refinance index being 37% lower \u200dcompared to the same week last year.<\/p>\n<p>The\u2062 housing \u2063market finds \u200ditself in a\u200b complex situation. Despite the high\u2062 mortgage \u2064rates, it \u200bhas shown signs of heating back up after being characterized as in \u200da recession last year.<\/p>\n<p>In May, new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-eclipse-7-highest-since-november-in-troubling-sign-for-market\/\" title=\"Mortgage rates surge past 7%, signaling market concerns.\">home sales \u200bdata surprised economists<\/a> with a significant leap, although those numbers were later revised down.\u2064 Some analysts \u200cattributed the rise in\u2063 new home sales to the substantial increase in mortgage rates.\u2064 Existing\u200d homeowners\u2064 with \u2062locked-in low rates are hesitant to sell, resulting in less existing home inventory and making new homes more sought after.<\/p>\n<p>However, the\u200c June report for new home\u2063 sales revealed a\u2063 2.5% decline, \u2063further \u2063complicating the \u200dhousing market and potentially impacting the broader economy as the \u2063Federal Reserve maintains high interest\u200b rates.<\/p>\n<p>The central bank&#8217;s target rate currently\u2063 stands between \u20635.25% and 5.50%, the\u200d highest\u2063 since the dot-com bubble over two decades ago.<\/p>\n<p>&#8220;In a break\u200b with the recent pattern, new home sales surprised to the downside\u2063 in June, and \u2064sales for prior months were revised\u200b lower,&#8221; noted Oxford Economics. &#8220;We expect new home sales\u2062 to soften further as the \u2062economy enters a recession \u200band the labor market softens.&#8221;<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\">Click \u200dhere<\/a> to \u200bread more from The\u200c Washington Examiner.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates surged to 7%, the highest in months, due to the Federal Reserve&#8217;s interest rate hikes. This signals further challenges for the housing sector and the overall economy. By Wednesday, the average rate for a 30-year fixed-rate mortgage had risen by almost 1%.<\/p>\n","protected":false},"author":1,"featured_media":1995239,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1995238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995238","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1995238"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1995238\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1995239"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1995238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1995238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1995238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}