Business & Finance
US mortgage rates increase as 30-year loans climb across major benchmarks
Borrowing costs climb across multiple trackers while home sales fall and traders weigh Fed policy
The short version
- Freddie Mac reported that the benchmark 30-year fixed mortgage rate reached 6.76%, up from 6.71% the prior week.[ABC News · The Hill]
- Mortgage News Daily separately measured the 30-year fixed rate crossing 7% to hit 7.07% on Thursday.[CNBC]
- Sales of previously occupied homes dropped by 2% in August to an annual rate of 3.98 million.[The Hill]
- Wall Street traders are pricing in an estimated 70% probability that the Federal Reserve will hike interest rates next week.[ABC News]
Key facts
- The benchmark 30-year fixed mortgage rate reached 6.76 percent according to Freddie Mac data.[ABC News · The Hill]
- Mortgage News Daily reported that the 30-year fixed mortgage rate crossed 7% to hit 7.07% on Thursday.[CNBC]
- The 15-year fixed mortgage rate increased to 6.09 percent from 6.04 percent the previous week.[ABC News · The Hill]
- Sales of existing homes dropped by 2 percent in August to a seasonally adjusted annual rate of 3.98 million.[The Hill]
- Wall Street traders are betting on a roughly 70 percent chance that the Federal Reserve will raise the federal funds rate.[ABC News]
What remains uncertain
- Whether the Federal Reserve will enact an interest rate increase remains undecided ahead of its policy meeting.[ABC News]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.