In October, the pace of U.S. existing home sales dropped 4.1 percent from September to 3.79 million, the least in any month since August 2010, the National Association of Realtors (NAR) announced. Sales for the month were 14.6 percent fewer than those in October 2022.
Tag: Mortgage Rates
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MORTGAGE RATES RISE TO 23-YEAR HIGH
Last week, the mortgage interest rate for a 30-year, fixed-rate mortgage averaged 7.57 percent, according to the Federal Home Loan Mortgage Corp. (Freddie Mac), up from 7.49 percent the week before.
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U.S. MORTGAGE INTEREST RATE HIGHEST IN 23 YEARS, APPLICATIONS CRASH
During the week ending 29 September, the average U.S. interest rate on a 30-year, fixed-rate mortgage surpassed 7.5 percent for the time since November 2000, plunging applications for new and refinanced home loans to their fewest since 1996, according to the Mortgage Bankers Association.
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RISING INTEREST RATES SINK MORTGAGE MARKET
The highest mortgage interest rates in 23 years have sunk demand for new mortgage loans to their lowest in 27 years.
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HOME MORTGAGE RATE TOPS 7 PERCENT
After sliding for the past eight months, U.S. mortgage rates climbed back above 7 percent last week, Bloomberg reported.