Today's Business Headlines: 10\/04\/23
Home sales slide more than expected in August as high mortgage rates sideline buyersThe cost of financing a home surged again this week as the average long-term US mortgage rate climbed to its highest level since December 2000, further dimming theBorrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also increased. The average rate rose to 6.78% from 6.72% last week. A year ago, it averaged 5.90%, Freddie Mac said.
The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 2.99%.The combination of elevated rates and low home inventory has worsened the affordability crunch by keeping home prices near all-time highs even as “Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation,” said Sam Khater, Freddie Mac’s chief economist. “Unsurprisingly, this is pulling back homebuyer demand.”
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Home Loan Applications Sink to Lowest Level Since 1990sThe decline came as mortgage rates climbed above 7.5%, according to Mortgage Bankers Association data.
Read more »
49 North Shore students semifinalists for national scholarshipTo become a finalist, a semifinalist must have an outstanding academic record throughout high school, be endorsed and recommended by a high school official, and write an essay, according to the news release from New Trier High School.
Read more »
Pete Davidson to Host 'Saturday Night Live' Season 49 Premiere With Ice Spice as Musical GuestBad Bunny will host and perform the following week.
Read more »
Pete Davidson, Bad Bunny to host Saturday Night Live as show sets season 49 premierepete davidson, bad bunny to host saturday night live as show sets season 49 premiere
Read more »
Here are the first hosts, musical guests of 'Saturday Night Live' season 49Global phenomenon Bad Bunny, born Benito Martínez Ocasio, is known for using reggeaton as a medium for social change.
Read more »
'Saturday Night Live' Announces Season 49 Premiere Date, Guest HostsAnna Kaplan is a news and trending reporter for TODAY.com.
Read more »