{"id":7828,"date":"2023-08-05T16:12:47","date_gmt":"2023-08-05T16:12:47","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/mortgage\/mortgage-rates-edge-higher-to-nearly-7\/"},"modified":"2023-08-05T16:12:48","modified_gmt":"2023-08-05T16:12:48","slug":"mortgage-rates-edge-higher-to-nearly-7","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=7828","title":{"rendered":"Mortgage rates edge higher to nearly 7%"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>Mortgage rates rose again this week, bad news for Americans seeking to upgrade or buy their first home.<\/p>\n<p>The average rate on the 30-year fixed mortgage ticked up to 6.90% this week, up from 6.81% a week ago, according to data released Thursday by mortgage buyer Freddie Mac. A year ago, the benchmark home loan rate stood at 4.99%.\u00a0<\/p>\n<p><strong>US HOME PRICES STILL FACE A &#8216;STEEP AND SUSTAINED&#8217; DECLINE THIS YEAR, ECONOMIST WARNS<\/strong><\/p>\n<p>Meanwhile, the average rate on 15-year fixed mortgages, popular with those refinancing their homes, climbed to 6.25% from 6.11% last week. A year ago, it was 4.26%.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The average rate on a 30-year mortgage remains more than double what it was two years ago, when ultra-low rates spurred a wave of home sales and refinancing. Homeowners who locked in those lower borrowing costs two years ago are reluctant to sell and jump into a higher rate on a new property.<\/p>\n<p><strong><\/strong><\/p>\n<p>High inflation has driven the Federal Reserve to raise its benchmark interest rate 11 times since March 2022. Its fed funds rate has hit the highest level in 22 years.<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/for-sale-3.jpg\" alt=\"real estate sign\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>Mortgage rates don\u2019t necessarily mirror the Fed\u2019s rate increases, but tend to track the yield on the 10-year Treasury note. Investors\u2019 expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.<\/p>\n<p><i>The Associated Press contributed to this report.\u00a0<\/i><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/mortgage-rates-edge-higher-nearly-7-percent\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mortgage rates rose again this week, bad news for Americans seeking to upgrade or buy their first home. The average rate on the 30-year fixed mortgage ticked up to 6.90% this week, up from 6.81% a week ago, according to data released Thursday by mortgage buyer Freddie Mac. A year ago, the benchmark home loan<\/p>\n","protected":false},"author":1,"featured_media":7829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":{"0":"post-7828","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mortgage"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage rates edge higher to nearly 7% | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Mortgage rates rose again this week, bad news for Americans seeking to upgrade or buy their first home. 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