US home loan Interest Rates Fall below 7%
2022.11.16 12:17
US home loan Interest Rates Fall below 7%
Budrigannews.com -The interest rate on one of the most popular mortgages in the United States rose to 7 percent, as there were signs that inflation had surpassed its peak, according to data from the Mortgage Bankers Association (MBA).％
The contract rate for a 30-year fixed-rate mortgage fell 25 basis points to 6.80 percent. 11 Last week, the Federal Reserve decided to scale back its steep interest rate hike as financial markets were boosted by data showing high inflation is slowing.
The yield on the 20-year note acts as a benchmark for mortgage rates.
Despite the good news, mortgage rates are still more than twice as high as at the beginning of the year, and the US Central Bank’s sharp increase in its benchmark overnight lending rates has led to an increase in interest rates.
The mortgage market composite index, an indicator of the amount requested for a mortgage, rose 2.8% from the previous week.
The central bank is expected to slow the pace of rate hikes to a half-point increase when it meets on May 12. 13-14 give time to absorb the fastest pace of monetary policy adjustment in 4 years, after raising monetary policy interest rates by 0.50-0.75 basis points over the past 4 years
