Robert Besser
24 Jan 2023, 06:28 GMT+10
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.
Get a daily dose of Irish Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Irish Sun.
More InformationNEW YORK CITY, New York: After reporting record revenues in the fourth-quarter of 2022, US airlines expect strong travel demand ...
MANILA, Philippines: After a Filipina domestic worker was killed and dumped in the desert in the oil-rich emirate of Kuwait, ...
LONG BEACH, California: Long Beach, California-based Rocket Lab has launched its first mission from the United States, as part of ...
Israel was behind Sunday morning's drone strike on an Iranian munitions facility; the Wall Street Journal has reported, citing American ...
LONDON, England: Of the 14 main battle tanks and additional artillery support it will send to Ukraine, Britain hopes its ...
LONDON, England: Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022.It added ...
LONDON, England: Flybe, a British regional airline, abruptly closed operations on January 28. The airline offered flight to Belfast, Birmingham ...
LONDON, England: Of the 14 main battle tanks and additional artillery support it will send to Ukraine, Britain hopes its ...
DUBLIN, Ireland: Ireland's consumer energy prices dropped 15 percent last week, the result of warm weather and full stocks of ...
WASHINGTON D.C.: The US State Department has said that in the latest fiscal year, US military equipment exported to foreign ...
WASHINGTON, D.C.: Finland and Sweden are prepared to join the NATO alliance, the U.S. State Department announced this week.The move ...
DUBLIN, Ireland: The European Commission is taking Ireland to court, claiming that Ireland has not protected the country's lakes, rivers, ...