U.S. mortgage rates jump by the most in 11 years -MBA

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    • #479806
      RCW2020
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      • Total Posts: 1,122

      1 hr ago

      (Reuters) – The interest rate on the most popular U.S. home loan jumped last week by the most in 11 years as bond market investors rapidly repositioned for the Federal Reserve to take more aggressive action to contain inflation, a survey showed on Wednesday.

      The Mortgage Bankers Association (MBA) said the contract rate on a 30-year fixed-rate mortgage shot to 4.8% in the week ended March 25 from 4.5% a week earlier. That was the largest one-week increase since February 2011, and it brought mortgage rates to their highest level since December 2018.

      Mortgage rates have now climbed by nearly 1.5 percentage points since the start of the year, the most rapid run-up in home borrowing costs since 1994.

      With rates climbing so rapidly, mortgage application activity has fallen sharply in recent weeks. The MBA said its Market Composite Index, a measure of mortgage loan application volume, tumbled 6.8% on a seasonally adjusted basis to 425.1, the lowest level since December 2019.

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    • #479814
      HassleCat
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      • Total Posts: 9,177

      Definitely sucks for people trying to buy a home, particularly working class people. But it may help slow down the insane housing price increases. Of course, I’m speaking crazy talk here, as if it had anything to do with a sane, rational process.

    • #479835
      soryang
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      • Total Posts: 2,534

      No interest on saving accounts, or CDs. Indeed as far I know the rates have continued to go down. Credit card interest rates are up to 24 percent. So there appears to be mergers and acquisitions in the mid sized to small banks to get their deposits, real estate, and raise their credit rates. Some of their brick and mortar branches are being shut down, and they try to force their depositors online so they don’t have to provide the convenience of traditional banking services.

      惑世誣民 혹세무민

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