{"id":2073551,"date":"2023-10-19T20:26:10","date_gmt":"2023-10-20T00:26:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-mortgage-rates-soar-to-highest-level-since-bill-clinton-was-president\/"},"modified":"2023-10-19T20:29:20","modified_gmt":"2023-10-20T00:29:20","slug":"bidenomics-mortgage-rates-soar-to-highest-level-since-bill-clinton-was-president","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-mortgage-rates-soar-to-highest-level-since-bill-clinton-was-president\/","title":{"rendered":"Bidenomics: Mortgage Rates Reach Clinton-Era Highs"},"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\">12<\/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%2Fbidenomics-mortgage-rates-soar-to-highest-level-since-bill-clinton-was-president%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=2073551&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>The Cost of Financing a Home Surges to Highest Level in Over 20 Years<\/h2>\n<p>The\u2062 average long-term U.S. mortgage\u200d rate has skyrocketed this \u2062week, reaching its highest level since December 2000.<\/p>\n<p>The benchmark\u2062 30-year home loan now stands \u2064at 7.63%, up from 7.57% last week, according to mortgage buyer Freddie Mac.<\/p>\n<p>Compared to\u200b a year ago, the rate has \u2064jumped from 6.94% to its\u2064 current \u200dlevel.<\/p>\n<p>Not only have borrowing costs on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidenomics-mortgage-rates-soar-to-highest-level-since-bill-clinton-was-president\/\" title=\"Bidenomics: Mortgage Rates Reach Clinton-Era Highs\">15-year fixed-rate mortgages increased<\/a>, \u2063but they have also risen to 6.92% from 6.89%\u200b last week.<\/p>\n<p>A year\u200c ago, the rate was at 6.23%, Freddie Mac reported.<\/p>\n<p>These rising mortgage rates have significant implications for borrowers, as they can add hundreds of dollars\u2064 to \u200dmonthly costs, making homeownership even more unaffordable for many Americans.<\/p>\n<p>Furthermore, these high rates \u200cdiscourage homeowners who secured lower rates two years ago from selling their homes.<\/p>\n<p>The average rate on a 30-year \u200cmortgage is now more than double what it was in 2022, when\u2063 it was a mere 3.09%.<\/p>\n<p>This marks the\u2063 sixth consecutive week of increasing mortgage rates, with the weekly \u200daverage rate on a\u200b 30-year mortgage remaining above \u200c7% since mid-August.<\/p>\n<p>It is \u2064now \u2063at its highest level since December 1, 2000, when it averaged 7.65%.<\/p>\n<p>According to Sam Khater, Freddie Mac&#8217;s chief economist, &#8220;Mortgage rates continued to approach 8% this week, further impacting affordability.&#8221;<\/p>\n<p>The combination\u2062 of elevated rates and low\u200d home inventory has exacerbated\u200b the affordability crisis, resulting in near all-time <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-powell-admits-that-fed-policies-are-behind-high-home-prices\/\" title=\"WATCH: Powell Admits That Fed Policies Are Behind High Home Prices\">high home prices<\/a>, despite a 21% decline in sales of previously occupied U.S. homes in the first nine months of this year compared to \u2062the same\u200b period \u200cin 2022.<\/p>\n<p>As rates \u200bhave climbed, home loan applications have plummeted to their lowest level since 1995, according to the Mortgage Bankers\u200c Association.<\/p>\n<p>Bob Broeksmit, CEO of the MBA, stated, \u2063&#8221;Mortgage application \u2062activity is now at its lowest level in 29 years as \u2064high mortgage rates, limited housing inventory, and affordability challenges continue \u200dto constrain borrowers.&#8221;<\/p>\n<p>However, there is hope for potential homebuyers as \u2063the MBA expects mortgage rates to\u200d moderate in\u2063 2024, providing\u200b some relief.<\/p>\n<p>Mortgage rates have\u2063 been rising in tandem with \u2062the 10-year Treasury yield, which serves as a guide for loan pricing.<\/p>\n<p>Factors such \u2062as investors&#8217; expectations for future \u200dinflation, global demand for U.S. Treasuries, and the Federal Reserve&#8217;s interest rate decisions can \u2062influence home loan rates.<\/p>\n<p>The central bank has already raised its\u2062 main interest rate to the highest level since 2001 in an effort to combat\u200c high inflation and has signaled that future rate cuts \u200cmay be less significant than previously anticipated.<\/p>\n<p>As a result, Treasury \u200byields have reached their highest levels in over a decade, with the 10-year \u200cTreasury yield standing at 4.90% in midday trading on Thursday.<\/p>\n<p>This is a \u200csignificant increase from\u200d the\u2064 3.50% in\u2063 May and the 0.50% seen\u2064 during the early stages of the pandemic.<\/p>\n<p style=\"font-style: italic\">The \u200bWestern Journal has reviewed this Associated \u200cPress story\u200b and may have altered it prior to publication \u200cto ensure that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-bidenomics-mortgage-rates-soar-highest-level-since-bill-clinton-president\/\">Bidenomics: Mortgage Rates Soar to Highest Level \u200bSince Bill Clinton Was President<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> What\u2064 impact \u2064do rising mortgage\u2062 rates have\u2062 on \u2064potential homebuyers and existing homeowners?<\/h2>\n<p><span>  Iously owned homes in September.<\/p>\n<p>For potential\u200d homebuyers, the surge in financing costs can\u2062 make the dream of homeownership seem \u2063increasingly out of reach. With \u2064<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-applications-fall-to-lowest-level-since-december-2019\/\" title=\"Mortgage Applications Fall to Lowest Level Since December 2019\">higher mortgage rates<\/a>,\u200d monthly \u200dmortgage payments increase, making it more difficult for individuals and families to qualify for loans and purchase a home.<\/p>\n<p>Moreover, the rising \u2063rates\u200b can also discourage existing homeowners from\u2064 selling their properties. Homeowners \u200bwho took advantage \u2062of historically low rates \u2064two years \u200dago might hesitate to sell \u2063their\u200d homes now, as they\u2064 would have to face higher financing costs if they \u2064were to buy a new property.<\/p>\n<p>The impact of \u2064these escalating mortgage rates is \u200bvisible in the housing market. Home prices continue to \u200crise \u2063despite the decline in home\u2064 sales. The limited supply of \u200dhomes on the market, coupled with increased financing costs, has \u200bcontributed to the affordability crisis in many regions\u200b across the United States.<\/p>\n<p>Homebuyers are faced with greater \u2063obstacles as they navigate\u200d the competitive market. \u2064With higher mortgage rates, they may need to adjust their\u2063 budget or\u2064 consider purchasing smaller or\u2062 more affordable properties. For some, the rising costs of homeownership \u200dcan even force\u200c them to delay their plans of buying a home altogether.<\/p>\n<p>As mortgage rates\u2063 continue to\u2064 climb, it\u200c remains uncertain when they will stabilize or decrease. For now, potential homebuyers and\u200d existing homeowners \u200dmust carefully evaluate \u200btheir options and assess the feasibility \u200bof purchasing or selling a property in light of the current financing \u200dconditions.<\/p>\n<p>In conclusion, the cost of financing a home in the United \u2062States has surged to the highest level\u200b in over 20 years. The \u200dincrease\u200d in mortgage rates has \u200bimplications for \u2064both potential homebuyers and existing homeowners. \u200dHigher financing costs make it more difficult for individuals and families to afford homeownership, while also discouraging homeowners from selling their properties.\u200b The combination of elevated rates and low home inventory has contributed to an affordability \u200bcrisis, resulting in high home prices.\u2064 As the housing market \u2062faces\u2062 these challenges, individuals must carefully consider \u2064their\u2064 options and navigate the current financing conditions to make informed decisions about buying or selling a home.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>for purchasing a home have increased significantly this week, as the average long-term mortgage rate in the US reached its highest point since December 2000. According to Freddie Mac, the average rate for a 30-year home loan rose to 7.63% from 7.57% last week, compared to 6.94% a year ago.<\/p>\n","protected":false},"author":136,"featured_media":2073552,"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":[548],"tags":[],"class_list":["post-2073551","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"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\/2073551","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\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2073551"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2073551\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2073552"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2073551"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2073551"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2073551"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}