{"id":2325426,"date":"2024-08-15T22:36:50","date_gmt":"2024-08-16T02:36:50","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-rate-on-a-30-year-mortgage-ticks-up-to-6-49\/"},"modified":"2024-08-15T22:42:21","modified_gmt":"2024-08-16T02:42:21","slug":"average-rate-on-a-30-year-mortgage-ticks-up-to-6-49","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-rate-on-a-30-year-mortgage-ticks-up-to-6-49\/","title":{"rendered":"Average Rate on a 30-year Mortgage Ticks Up to 6.49%"},"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\">20<\/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%2Faverage-rate-on-a-30-year-mortgage-ticks-up-to-6-49%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=2325426&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--><p>The current average rate for a 30-year mortgage has slightly increased to 6.49% from 6.47% last week, although this remains significantly lower than the \u20637.09% \u200drate from a year ago. After peaking at a 23-year \u2064high of 7.79% in October, mortgage rates have been hovering near the 7% mark this year, discouraging home buyers and prolonging a housing slump that has \u2063now\u200c lasted three years. However, recent trends indicate a potential decrease in rates due to easing inflation and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lol-ny-times-argues-inflation-will-be-somehow-worse-with-republicans-retaking-congress\/\" title=\"Lol: NY Times Argues Inflation Will Be Somehow Worse With Republicans Retaking Congress\">cooling job market<\/a>, with\u200c expectations that the Federal\u2062 Reserve may cut interest \u200brates soon.<\/p>\n<p>Sam Khater, Freddie Mac&#8217;s chief economist, noted that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/economist-u-s-housing-market-in-deep-recession\/\" title=\"Economist: U.S. Housing Market in &quot;Deep Recession&quot;\">average 30-year mortgage rate<\/a> is expected to trend downward, which could benefit both buyers and sellers. There has been a notable rise in mortgage applications, particularly for refinancing, reflecting increased interest as rates approach 14-month lows. Despite this, most economists predict that\u200b rates will stay above 6% for the remainder of the year, which combined with high home\u2064 prices, may still deter many potential buyers.<\/p>\n<p>In\u2063 contrast, a significant percentage of existing mortgages have lower interest rates (86% below 6%, and over 75% at or below 5%), suggesting\u200d that further rate reductions will be essential\u2063 for reviving\u2063 the housing market fully.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section>\n<p>The average rate on a 30-year mortgage edged higher this week, holding close to its lowest level in more than a year.<\/p>\n<p>The rate rose to 6.49 percent from 6.47 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09 percent.<\/p>\n<p>After jumping to a 23-year high of 7.79 percent in October, the average rate on a 30-year mortgage has mostly hovered around 7 percent this year &mdash; more than double what it was just three years ago.<\/p>\n<p>The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, extending the nation&rsquo;s housing slump into its third year.<\/p>\n<p>Mortgage rates have been mostly easing in recent weeks as signs of waning <a href=\"https:\/\/www.westernjournal.com\/elon-musk-lays-exact-cause-inflation-harris-walz-exacerbate-problem\/\" target=\"_blank\" rel=\"noopener\">inflation<\/a> and a cooling job market have raised expectations that the Federal Reserve will cut its benchmark interest rate next month for the first time in four years.<\/p>\n<p>  <script> \t\t\t\tif( ! getCookie( 'ff_subbed' ) ) if( typeof FFADS.replace_ict !='undefined' ) if( FFADS.replace_ict ) eval( FFADS.replace_ict ); \t\t\t<\/script> <\/p>\n<p>&ldquo;In 2023, the <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> nearly hit 8 percent, slamming the brakes on the housing market,&rdquo; said Sam Khater, Freddie Mac&rsquo;s chief economist. &ldquo;Now, the 30-year fixed-rate hovers around 6.5 percent and will likely trend down in the coming months as inflation continues to slow. Lower rates are good news for potential buyers and sellers alike.&rdquo;<\/p>\n<p>The rate on a 30-year mortgage is influenced by several factors, including how the bond market reacts to the central bank&rsquo;s interest rate policy decisions. That can move the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans.<\/p>\n<p>The yield, which topped 4.7 percent in late April, was at 3.93 percent in afternoon trading in the bond market Thursday, following strong reports on U.S. retail spending and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/job-searches-up-in-states-ending-participation-in-expanded-federal-unemployment-benefits-program\/\" title=\"Job searches up in states ending participation in expanded federal unemployment benefits program\">unemployment benefits claims<\/a>.<\/p>\n<p>Home shoppers and <a href=\"https:\/\/www.westernjournal.com\/solar-co-collapses-customers-furious-dems-favorite-power-source-leaves-homeowners-high-dry\/\" target=\"_blank\" rel=\"noopener\">homeowners<\/a> eager to refinance have been encouraged as mortgage rates have eased back to 14-month lows. Applications for home loans climbed nearly 17 percent last week, according to the Mortgage Bankers Association. Much of that increase was fueled by a 35 percent surge in applications by homeowners looking to refinance their existing home loan.<\/p>\n<p>&ldquo;While the refinances remain strong, we expect that that purchase market will continue to gain momentum as mortgage rates continue to fall,&rdquo; MBA CEO Bob Broeksmit said.<\/p>\n<p>Borrowing costs on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mortgage-rates-hit-highest-level-since-2000-with-more-climbing-still-expected\/\" title=\"Mortgage rates reach 20-year high, further increase anticipated.\">15-year fixed-rate mortgages<\/a>, popular with homeowners refinancing their home loans, also ticked up this week, pushing the average rate up to 5.66 percent from 5.63 percent last week. A year ago, it averaged 6.46 percent, Freddie Mac said.<\/p>\n<p>Most economists expect the average rate on a 30-year home loan to remain above 6 percent this year. That may not be enough for many prospective homebuyers in the face of record-high home prices and a shortage of properties for sale in many markets.<\/p>\n<p>Consider, roughly 86 percent of all outstanding home mortgages have an interest rate of 6 percent or below, and more than three quarters have a rate 5 percent or lower, according to Realtor.com.<\/p>\n<p>That means &ldquo;rates will need to continue to trend lower to see a fully re-energized housing market,&rdquo; said Hannah Jones, senior <a href=\"https:\/\/www.westernjournal.com\/watch-entire-panel-undecided-voters-agreement-trump-vs-biden-comes-economics\/\" target=\"_blank\" rel=\"noopener\">economics<\/a> research analyst at Realtor.com.<\/p>\n<p style=\"font-style: italic;\">The Western Journal has reviewed this Associated Press story and may have altered it prior to publication to ensure that it meets our editorial standards.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\">  <\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> <label>* Name<\/label> <br \/> <input type=\"text\" name=\"name\" required> <\/div>\n<div class=\"sc--field\"> <label>* <\/label> <br \/> <input type=\"text\" name=\"\" required> <\/div>\n<p> <label>* Message<\/label> <br \/> <textarea name=\"message\" required><\/textarea>  <\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> <input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\">  <\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> <script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! ( opts[inputs[i]]=document.querySelector( '.entry-submit-correction [name=\"' + inputs[i] + '\"]' ).value ) ) { \t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .required-message' ).style.display='block'; \t\t\t\t\t\treturn; \t\t\t\t\t}  \t\t\t\t\tdocument.querySelector( '.entry-submit-correction input[type=\"submit\"]' ).style.display='none'; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).src=firefly_loading_gif_url; \t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='inline-block';  \t\t\t\t\tconsole.log( 'ma subbing' );  \t\t\t\t\tif( firefly_post_id ) opts['post_id']=firefly_post_id;  \t\t\t\t\t\/* Send the data using post with element id name and name2*\/ \t\t\t\t\tvar posting=jQuery.post( firefly_ajax_url, opts );  \t\t\t\t\t\/* Alerts the results *\/ \t\t\t\t\tposting.done( function( response ) { \t\t\t\t\t\tif( response.success ) { \t\t\t\t\t\t\tconsole.log( response.data ); \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-submitting-img' ).style.display='none'; \t\t\t\t\t\t\tdocument.querySelector( '.entry-submit-correction .firefly-sc-confirm' ).style.display='block';  \t\t\t\t\t\t\tdataLayer.push( { 'event': 'submit-correction' } ); \t\t\t\t\t\t} \t\t\t\t\t}); \t\t\t\t}); \t\t\t} \t\t<\/script>  <\/div>\n<div class=\"ff-fancy-header-container\">  <\/div>\n<style> \t\t\t \t\t\t.insticator-unit.type-commenting{margin: 0 10px 25px 10px}@media screen and (max-width:1060px){#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{margin: 0 auto 25px auto !important;}}#div-insticator-ad-cmt-1, #div-insticator-ad-cmt-2, #div-insticator-ad-cmt-3, #div-insticator-ad-cmt-4{height: 280px !important; width: 336px !important} \t\t<\/style>\n<div class=\"insticator-unit type-commenting\">\n<div class=\"insticator-ads\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-1\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-2\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-1\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-2\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<div class=\"insticator-ads additional\">   <script data-cfasync=\"false\" type=\"text\/javascript\"> \t\t\t\t\tif ( ! getCookie( \"ff_subbed\" ) ) { \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-3\"); \t\t\t\t\t\tInsticator.ad.loadAd(\"div-insticator-ad-cmt-4\"); \t\t\t\t\t} else { \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-3\").remove() \t\t\t\t\t\tdocument.getElementById(\"div-insticator-ad-cmt-4\").remove() \t\t\t\t\t} \t\t\t\t<\/script> <\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average rate for a 30-year mortgage increased slightly this week, remaining near its lowest point in over a year. According to Freddie Mac, the rate rose from 6.47 percent last week to 6.49 percent this week. This time last year, the average was 7.09 percent. Following a peak of 7.79 percent in October\u2014marking a 23-year high\u2014the average has mostly stayed around the 7 percent mark throughout this year, which is more than double what it was three years ago. These high mortgage rates can significantly increase monthly costs for borrowers and have deterred potential homebuyers, prolonging the housing market downturn into its third consecutive year.<\/p>\n<p>Recently, however, mortgage rates have been easing as inflation shows signs of slowing and the job market cools down, leading to expectations that the Federal Reserve may lower its benchmark interest rate next month for the first time in four years.<\/p>\n<p>Sam Khater, Freddie Mac\u2019s chief economist, noted that &#8220;In 2023, the fixed-rate mortgage nearly reached 8 percent,&#8221; which severely impacted the housing market. He added that with current rates hovering around 6.5 percent and likely to decrease further as inflation slows down, this is positive news for both buyers and sellers.<\/p>\n<p>The rate on a 30-year mortgage is affected by various factors including how bond markets respond to central bank interest rate policies; these can influence the trajectory of Treasury yields used by lenders when pricing home loans.<\/p>\n<p>Currently trading at approximately 3.93 percent after peaking at over 4.7 percent in late April\u2014following strong retail spending and unemployment claims reports\u2014mortgage rates have dropped back to their lowest levels in over a year encouraging homebuyers and those looking to refinance their loans; applications surged nearly by17% last week according to data from Mortgage Bankers Association (MBA). A significant portion of this increase came from homeowners seeking refinancing options.<\/p>\n<p>Bob Broeksmit CEO of MBA stated that while refinancing remains robust they anticipate growth in purchase activity as mortgage rates decline further.<\/p>\n<p>Meanwhile borrowing costs on popular short-term fixed-rate mortgages also saw an uptick with averages rising from last week&#8217;s figures; specifically moving up from an average of5 .63%to5 .66%. Last year&#8217;s figure stood at6 .46%.<\/p>\n<p>Most economists predict that average rates will stay above6 %throughout this year\u2014a challenge given record-high property prices coupled with limited inventory available across many markets.<br \/>\nNotably about86 %of existing mortgages carry interest below or equalto6 %,with more than75 %at5 %or less accordingtoRealtor.com.Hannah Jones,a senior economics research analyst there remarked \u201crates must continue trending downward if we want revitalization within our housing sector.\u201d <\/p>\n<p>This article has been reviewed by The Western Journal based on Associated Press reporting but may contain modifications made prior publication ensuring adherence editorial standards<\/p>\n","protected":false},"author":1,"featured_media":2325427,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/dfe53ce0d37c4dd2b24d533463926fe7-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[38302,38303,33477,37637,27491],"class_list":["post-2325426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-30-year-mortgage","tag-finance-news","tag-interest-rates","tag-mortgage-rates","tag-real-estate"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/08\/dfe53ce0d37c4dd2b24d533463926fe7-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325426","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=2325426"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2325427"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2325426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2325426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2325426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}