Mortgage Rates Inch Lower , Ahead of the Fed's Next , Expected Rate Hike.
The average cost of a long-term
mortgage in the United States has
slipped to its lowest level in four weeks. .
'The Independent' reports that the news comes
as would-be house hunters face persistently
high prices and near historically-low availability.
On July 20, mortgage buyer Freddie Mac
said that the average rate on a 30-year home
loan dropped to 6.78% from 6.96% the week before.
Average rates at this
time last year were at 5.54%.
In early November, rates surged to reach 7.08%. .
Two weeks ago, the 10-year Treasury yield climbed
above 4% for the first time since early March.
The yield is used by lenders to price
rates on mortgages and other loans. .
At midday trading on July 20,
the yield was at 3.86%.
Since last summer, inflation
has been slowly cooling.
'The Independent' reports that this has led
economists to expect the Federal Reserve's
next rate hike to be the last of the current cycle.
'The Independent' reports that this has led
economists to expect the Federal Reserve's
next rate hike to be the last of the current cycle.
Since early last year, the Fed has been aggressively
raising rates to reach its highest level in 16 years. .
'The Independent' reports that average rates remain
over twice what they were just two years ago.
