Mortgage rates climb to 5.66%, showing no relief for housing market

Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%.

A once red-hot housing sector has cooled considerably, with many potential home buyers getting pushed out of the market as higher interest rates have added hundreds of dollars to monthly mortgage payments. As a result, sales of existing homes in the US have fallen for six straight months, according to the National Association of Realtors.

Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note. That’s influenced by a variety of factors, including investors’ expectations for future inflation and global demand for US Treasurys.

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Texas’ housing market shows signs of cooling down after the pandemic drove it to new heightsTexas had more houses on the market in July than any time since late 2020 as home sales declined in the state’s major metros. Sellers have had to cut prices to entice buyers. I like houses I’ve seen sad homes 🏠 Don’t let it go to heck with weeds
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