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 Caribbean Herald 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 Caribbean Herald.
More InformationNEW YORK, New York - After a day of major gains, U.S. stock markets fell sharply Wednesday underscoring volatility as ...
CAPE CANAVERAL, Florida: In a tweet this weekend, Elon Musk said that SpaceX may attempt a Starship rocket system launch ...
LONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...
TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...
NEW YORK, New York - Stocks ended sharply higher on Tuesday following mixed comments by Federal Reserve Chairman Jerome Powell.Powell ...
NEW YORK CITY, New York: The Wall Street Journal reported this week that the US Federal Trade Commission is preparing ...
The White House released this transcript of President Biden's 2023 State of the Union Address, as prepared for delivery.Mr. Speaker. ...
It's champion vs. champion in the main event of UFC 284. Saturday night's event is headlined by the two undisputed ...
Beijing [China], February 8 (ANI): China has massively invested in over 150 countries majority of them being underdeveloped nations which ...
Washington [US], February 8 (ANI): Russia's Foreign Minister Sergey Lavrov's remark that the war is "started by the West," is ...
AWPer Florian "syrsoN" Rische has opted to take himself out of BIG's starting lineup, Dexerto reported Wednesday. The 26-year-old German's ...
Field Level Media's Golf Glance provides weekly news and storylines from each of the major North American golf tours. PGA ...