The 30-year fixed-rate mortgage averaged 6.39% in the week ending May 4, down from 6.43% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.27%. “This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” said Sam Khater, Freddie Mac’s chief economist.
Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Analysts have said that recent bank failures are doing some of the Fed’s work on reducing inflation for it.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tuesday Morning is going out of business and closing all of its stores | CNN BusinessTuesday Morning is going out of business and closing all of its stores. It is the second major US home goods retailer to go bust in recent days.
Source: CNN - 🏆 4. / 95 Read more »
Why the Fed will likely raise rates two days after First Republic failed | CNN BusinessFor the second time this year, the Federal Reserve is gearing up to raise interest rates right after a bank failure.
Source: CNN - 🏆 4. / 95 Read more »
The Fed lifts rates by a quarter point | CNN BusinessThe Federal Reserve voted unanimously to raise interest rates by a quarter point Wednesday, the tenth rate hike since the central bank started its battle against inflation last March.
Source: CNN - 🏆 4. / 95 Read more »
Where to get the best returns on your savings when rates are high | CNN BusinessThe average bank savings rate as of April 26 was a paltry 0.24%, according to Bankrate. But thanks to the Federal Reserve’s rate-hiking campaign since mid-March of last year and competition for your money, you have many more lucrative options.
Source: CNN - 🏆 4. / 95 Read more »
European Central Bank hikes rates by a quarter-percentage point | CNN BusinessThe European Central Bank raised interest rates by a quarter of a percentage point Thursday, the smallest increase since it started hiking in July after data this week showed core inflation cooling and banks pulling back sharply on lending.
Source: cnni - 🏆 326. / 59 Read more »