Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Mortgage Rates Surge to 23-Year High
Mortgage Rates , Surge to 23-Year High.
Consumer demand for home loans has cooled as rates continue to surge, Fox News reports.
.
On Sept.
27, new data from the Mortgage Bankers Association showed that mortgage applications dropped 1.3% last week.
The average 30-year loan rate
jumped from 7.31% to 7.41%.
That is the highest mortgage rates have been since December 2000, Fox News reports.
Just one year ago, rates were at 5.65%.
Mortgage rates moved to their highest levels in over 20 years as Treasury yields increased late last week, Joel Kan, MBA's deputy chief economist, via Fox News.
Based on the FOMCâs most recent projections, rates are expected to be higher for longer, which drove the increase in Treasury yields, Joel Kan, MBA's deputy chief economist, via Fox News.
Mortgage applications are down 27% year-over-year, Fox News reports.
Refinancing applications have dropped 21% within the same time period.
Both prospective homebuyers and homeowners continue to feel the impact
of these elevated rates.
Many homeowners
have little incentive to refinance, Joel Kan, MBA's deputy chief economist, via Fox News
A Fox News panelist fainted live on-air ... and instead of immediately attending to her, host Jonathan Hunt awkwardly kept the segment rolling -- instead of, you.. TMZ.com
President Trump is going back to the Fox News well for another important position in the federal government ... naming host Jeanine Pirro as the interim U.S... TMZ.com
In a shocking moment during a press briefing, White House Press Secretary Karoline Leavitt refused to rule out the possibility that the Trump administration might take drastic measures, including arresting Supreme Court judges. When asked by Fox Newsâ Peter Doocy, Leavitt did not deny that the DOJ could pursue actions against high-ranking judges if necessary. This unprecedented suggestion has sparked outrage, raising questions about the Trump administration's stance on judicial power and its willingness to challenge the nationâs highest court.
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Demand For Mortgages , Reaches 27-Year Low .
NBC reports that mortgage rates have pulled
back slightly, after rising steadily for weeks.
However, the slight relief has
not been enough to..
Credit: Wibbitz Top Stories Duration: 01:30Published
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