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Rates Hit Highest Level Since May

By Alex Veiga

The average rate on 30-year mortgages rose to 7.04% from 6.93% last week. Borrowing costs on 15-year fixed-rate mortgages increased to 6.27% from 6.14%..

​WASHINGTON — The average rate on a 30-year mortgage in the U.S. ticked up this week to slightly above 7%, the highest level in eight months.

The rate rose to 7.04% from 6.93% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.6%. It has risen for five straight weeks.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also rose this week. The average rate increased to 6.27% from 6.14% last week. A year ago, it averaged 5.76%, Freddie Mac said.

The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages, specifically the yield on the U.S. 10-year Treasury. The yield on the 10-year Treasury has climbed from 3.62% in mid-September to 4.61% as of midday Thursday.

The elevated mortgage rates, which can add hundreds of dollars a month in costs for borrowers, have discouraged home shoppers, prolonging a national home sales slump that began in 2022.

While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market was on track to end 2024 as its worst year for sales since 1995. Full-year home sales data are due out next week.

The average rate on a 30-year mortgage is now the highest it’s been since May 9, when it was at 7.09%.

Interest rates have been climbing since the Federal Reserve signaled last month that it expects to raise its benchmark rate just twice this year, down from the four cuts it forecast in September.

The Fed is tapping the brakes on rate cuts because inflation remains stubbornly above the central bank’s 2% target, even though it’s fallen from its mid-2022 peak.

Born

Samuel Keefer (first Canadian Chief Engineer of Public Works) – 1811
George Burns (comedian & actor) – 1896
Joy Adamson (author of Born Free) – 1910
Patricia Neal (actress) – 1926
Edwin "Buzz" Aldrin (astronaut) – 1930
John Naber (swimmer) – 1956
James Denton (actor) – 1963
Rainn Wilson (actor) – 1968

Mark Hoeft ~ 850-525-2765 ~ Mark@TheFloridaCoast.com ~ The Florida Coast Realty Pensacola

Welcome to TheFloridaCoast.com; I would like to introduce myself, my name is Mark Hoeft I am a Florida Real Estate Broker & Owner of The Florida Coast Realty Pensacola LLC in Pensacola, Pensacola Beach, & Gulf Breeze Florida, I also the proud owner of The Florida Coast Realty West Palm & The Florida Coast Realty Destin Florida. It would be my honor to help you find your slice of Florida's beautiful Emerald Coast that you've been searching for. Whether you are looking for your primary home, a second home, or investment property for your Real Estate portfolio on Florida's beautiful Gulf Coast. I specializing in Beach Homes, Condos, and Townhouses. I use my 20 years of knowledge and dedication to hard work to make your real estate transaction as smooth as possible. I've become a leader in buying and selling Pensacola Real Estate, Scenic Gulf Breeze Homes, and Pensacola Beach Condos & Homes. I pride myself in my professionalism and expertise. I've closed over 350 real estate transactions and have totaled more than $40,000,000.00 in sales during the past 20 years.

Monday, January 20, 2025

Died

John Ruskin (art critic) – 1900
Alan Freed (disc jockey) – 1965
Audrey Hepburn (actress) – 1993
David "Fathead" Newman (jazz musician) – 2009
Etta James (singer) – 2012
Naomi Parker Fraley (inspiration for the 1943 “We Can Do It!” Westinghouse poster ) – 2018

Advice of the DaY

Procrastination is the thief of time.

EVENTS

First major U.S. geology book debuted – 1809
U.S. president Dwight D. Eisenhower was lassoed by a cowboy at the inauguration parade – 1953
Martin Luther King Jr. Day was celebrated as a federal holiday for the first time – 1986
National Hockey League season began after 103-day lockout. – 1995
Bode Miller won his 28th World Cup victory, the most ever for an American alpine skier – 2008
A 6.1-magnitude aftershock struck Haiti, eight days after a devastating 7.0-magnitude earthquake – 2010
74-pound striped bass caught near Cape Henry, Virginia – 2012