In hopeful sign, US mortgage rates at lowest level since September

Wed, 04 Oct 2023

In hopeful sign, US mortgage rates at lowest level since September

Robert Besser
24 Jan 2023, 06:28 GMT+10

Data from the Mortgage Bankers Association released this week showed that the average interest rate on leading US home loans dropped to its lowest level since September
For the week ending on 31st January, the average contract rate on a 30-year fixed-rate mortgage fell by 6.23 percent to 19 basis points
The yield on the 10-year note acts as a benchmark for mortgage rates

WASHINGTON D.C.: Data from the Mortgage Bankers Association released this week showed that the average interest rate on leading US home loans dropped to its lowest level since September, indicating that inflation has past its peak as Treasury yields decrease.

For the week ending on 31st January, the average contract rate on a 30-year fixed-rate mortgage fell by 6.23 percent to 19 basis points, as financial markets have been encouraged by recent data showing that inflation is slowing, which will enable the Federal Reserve to curb its interest rate hikes.

The yield on the 10-year note acts as a benchmark for mortgage rates.

As the Federal Reserve Bank raised its benchmark policy rate in 2022 at the most rapid rate in 40 years, mortgage rates surged to more than 7 percent in October.

Lower mortgage rates have attracted more buyers, with the Mortgage Bankers Association's Market Composite Index, a measure of mortgage loan application volume, rising 27.9 percent from last week, the highest increase since March 2020.

After lifting its policy rate by 50 basis points in December, the US central bank is expected to slow its pace of rate hikes to a quarter percentage point increase when it next meets on 31st January and 1st February.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Leeds Times.

More Information

12 ℃

Partly Cloudy in Leeds

Europe

Section

New trade rules confirm Northern Ireland has sea border: DUP MP

DUBLIN, Ireland: A Democratic Unionist Party (DUP) MP, Sammy Wilson, has asserted that implementing a vital component of the Windsor ...

Ireland opposes imposing limits on nitrate fertilizer for farmers

DUBLIN, Ireland: Ireland is gearing up for a challenging fight to secure a nitrates derogation for its farmers, avoiding the ...

Swedish minister stopped at Ukrainian border

Foreign Minister Tobias Billstrom reportedly forgot his passport and could not travel to a summit in KievSwedish Foreign Minister Tobias ...

UK to finally scrap EU bendy bananas rule

Brussels? bizarre food standards were ridiculed by British conservatives in the runup to the Brexit voteThe British government will ditch ...

Golf Glance: Ryder Cup star Ludvig Aberg seeks maiden PGA Tour title

(Photo credit: Kyle Terada-USA TODAY Sports) Field Level Media's Golf Glance provides weekly news and storylines from each of the ...

Turkish inflation keeps rising, adding burden to ordinary Turks

© Provided by Xinhua by Burak AkinciANKARA, Oct. 3 (Xinhua) -- Türkiye's annual inflation climbed to more than 60 percent ...

International

Section

Drought compels Panama Canal to reduce ships passing through to 31

PANAMA CITY, Panama: On September 30, the Panama Canal said that due to a drought that has reduced the supply ...

First flight from Libya to Italy in 10 years, takes off from Tripoli

TRIPOLI, Libya: Italy and Libya resumed commercial flights for the first time in ten years on September 30, with flight ...

Maine fire destroys Jamie Wyeth paintings, guts historical buildings

SAINT GEORGE, Maine: A fire destroyed several waterfront buildings in Maine on September 29, including an art gallery with several ...

ASEAN leadership: Members refuse Myanmar's leadership in 2026

JAKARTA, Indonesia - According to Asian diplomats and the Philippines' president, Southeast Asian leaders have decided that Myanmar will not ...

New video taken in Pacific shows 3 sunk WWII aircraft carriers

NEW LONDON, Connecticut: Video footage taken deep in the Pacific Ocean provided the first detailed view of three World War ...

Annual bison roundup conducted at Custer State Park, South Dakota

CUSTER STATE PARK, South Dakota: As part of an annual effort to maintain the health of the species, which has ...

Movie Review

Elle