The average long-term U.S. mortgage rate edged down for the first time in two months following a swift rise to its highest level in more than a decade
FILE - An advertising sign for building land stands in front of a new home construction site in Northbrook, Ill., Wednesday, June 23, 2021. Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade. The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday, April 21, 2022. – The average long-term U.S.
Federal Reserve officials have signaled that they will take an aggressive approach to fighting high inflation, saying that half-point interest rate hikes, rather than traditional quarter-point increases, “could be appropriate” multiple times this year. The Fed raised its main borrowing rate by a quarter-point in March, its first increase since late in 2018.
With inflation at a four-decade high, rising mortgage rates, elevated home prices and tight supply of homes for sale, homeownership has become less attainable, particularly for first-time buyers.
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