US: Mortgage Interest Rates rise again
The US housing market has been experiencing some turbulence in the wake of rising mortgage interest rates. According to data released by Freddie Mac, average 30-year fixed mortgage rates rose to 6.39% in May, up from 6.27% the week before.
The spike in mortgage rates may be troubling news for prospective homebuyers. In the same period last year, the average mortgage rate on a 30-year fixed loan was a more affordable 5.11%. The recent increase in interest rates may further weaken demand for homes and exacerbate the slump in US existing home sales. According to the National Association of Realtors (NAR), annual US existing-home sales fell 2.4% in March, with a 22% decline compared to the same period in March last year.
The rise in interest rates is likely to continue as some economists predict further interest rate hikes by the US Federal Reserve (Fed). The continued increase in interest rates could make it more challenging for buyers to afford their preferred homes. This slowdown in the housing market could further hamper economic growth and recovery from the Covid-19 pandemic.
It remains to be seen how much of an impact rising mortgage rates will have on the overall housing market. Nevertheless, the recent increases in interest rates underscore the importance of careful financial planning for anyone considering buying a home in the current economic environment.
US: Mortgage Interest Rates rise again
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