Housing market ‘staring into the face of a perfect storm’: NAHB CEO
National Association of Home Builders CEO Jerry Howard weighs in on the housing market as mortgage demand drops.
Average long-term U.S. mortgage rates made a swift jump this week, further squeezing cash-strapped American homeowners.
On Thursday, a 30-year fixed-rate mortgage averaged 5.23%, according to Freddie Mac. That's up from last week's average of 5.09%. It's also a significant uptick since a year ago when 30-year fixed-rate mortgage rates averaged 2.96%.
30-YEAR MORTGAGE RATES INCH DOWN SLIGHTLY FOR THIRD CONSECUTIVE WEEK
Until April, average rates hadn't exceeded 5% in more than ten years, according to the mortgage buyer.