[ad_1]
The average 30-year benchmark loan rate rose to 3.1 percent from 2.98 percent last week, Freddie Mac said Thursday.
The average U.S. long-term mortgage rate rose this week, and the 30-year prime rate rose more than 3 percent.
Mortgage buyer Freddie Mac reported on Thursday that the average 30-year benchmark home loan rate jumped from 3.1% to 3.1% last week. A year ago at this time the rate was 2.72 per cent.
The rate for a 15-year loan, among homeowners refinancing mortgages, rose to 2.39 percent from 2.27 percent last week. It was 2.28 percent a year ago.
As the labor market improves and demand for products and services continues to rise, the U.S. Federal Reserve said earlier this month that it would keep its main borrowing rate close to zero, but would begin to reduce the unique stimulus it has provided since the coronary pandemic erupted. in the first year.
Strong consumer demand and the constant shortage of supplies have raised prices for almost everything, reducing the recent earnings of workers ’wages. The government announced last week that US consumer prices rose by 6.2% in October compared to a year earlier, reaching its highest inflation rate since 1990.
The housing market has been hampered by a lack of supply even before the pandemic erupted in early 2020. This lack of supply, coupled with a shortage of materials and manpower, has raised the prices of new homes and existing homes by more than 10 percent in the last year and to 33 percent in some western areas.
Despite historically low interest rates, the lack of supply along with rising house prices has left many buyers empty-handed.
Earlier Thursday, the U.S. Department of Labor reported that the number of Americans claiming unemployment benefits fell for the seventh week in a row to 268,000 pandemics. As of April 2020, employers have hired more than 18 million people, including 531,000 in the last month. But more than four million jobs are still missing from where the U.S. economy was in February last year.
[ad_2]
Source link
