Mortgage rates in America are rising for the first time in 7 weeks

US mortgage rates increased for the first time since November.

There media 30-year fixed loan ratio hit 6.42%, its highest level since the start of this month, compared with 6.27% last week, said Freddie Mac in a statement Thursday.

Borrowing costs tracked 10-year Treasury yields, which rose after a report showed a Fed-monitored measure of consumer prices continued to slow, but inflation remains higher than the bank wants central and wage growth is strong, which means that the Fed’s policy to raise interest rates is likely to continue into the new year.

Mortgage costs for prospective home buyers are more than double what they were a year ago and “remains a significant obstacle to successfully completing deals,” said Jorge Ratiu, head of economic research at Realtor.com, according to Bloomberg .

Purchases are in been down for months and in November contract signings fell to the second lowest pace on record since 2001. With demand falling, sellers are reluctant to put in sale the properties.

Even if the new ads are in decline, the offer is in increase because homes take longer to sell. In the four weeks to Dec. 25, the number of properties on the market increased 18% over the same period last year, real estate firm Redfin said on Thursday. in a relationship. It was the biggest increase since at least 2015, according to the company.

While home prices have declined since their peak in June, they are still rising from year-ago levels.

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