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 Nigeria Sun.

More Information

27 ℃

Fair in Cotonou

International

Section

Bus carrying high school band crashes in New York, two dead

LONG ISLAND, New York: On Thursday, a bus carrying members of a high school marching band traveling to a music ...

US children, age 10, 11, stopped while driving 200 miles from home

GAINESVILLE, Florida: Local police report stopping children, ages 10 and 11, who had driven their family car 200 miles, in ...

96-year-old US judge barred from hearing cases for mental incompetence

Washington, D.C.: This week, the U.S. Court of Appeals for the Federal Circuit suspended 96-year-old Judge Pauline Newman from hearing ...

Former US congressman jailed for 22 months in insider trading case

NEW YORK: On Tuesday, former U.S. Congressman Stephen Buyer was sentenced to 22 months in prison for trading on inside ...

West Point sued for admission policy by US anti-affirmative action group

NEW YORK: This week, the Virginia-based Students for Fair Admissions, founded by affirmative action opponent Edward Blum, sued the U.S. ...

UK firm sold parts to jet engine maker with forged paperwork

LONDON, U.K.: Jet engine maker CFM International said this week that thousands of engine components may have been sold with ...

Africa

Section

US, Kenya Sign Defense Agreement Ahead of Haiti Security Mission

Nairobi, Kenya - The United States and Kenya signed a defense agreement Monday aimed at strengthening counterterrorism efforts in East ...

Medics: Hundreds Dead From Dengue Fever in War-Torn Sudan

Port Sudan, Sudan - Outbreaks of dengue fever and acute watery diarrhea have 'killed hundreds' in war-torn Sudan, medics reported ...

Nigerian President Orders Rescue of Kidnapped Female Students

Abuja, Nigeria - Nigerian President Bola Tinubu has ordered security forces to rescue an unspecified number of female students being ...

EAM Jaishankar, UN Chief discuss how India's G20 Presidency contributed to strengthening UN's sustainable development agenda

New York [US], September 26 (ANI): External Affairs Minister S Jaishankar on Monday (local time) met United Nations Secretary-General Antonio ...

EAM Jaishankar, UN Chief discusses how India's G20 Presidency contributed to strengthening UN's sustainable development agenda

New York [US], September 26 (ANI): External Affairs Minister S Jaishankar on Monday (local time) met United Nations Secretary-General Antonio ...

Pentagon Chief in Kenya for Defense Talks

U.S. Defense Secretary Lloyd Austin traveled Monday to Kenya for talks with defense officials about security and counterterrorism.Before departing for ...