TNO Real Estate: July 29
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Even though the Federal Reserve hiked interest-rates three-quarters of a percent this week, several housing economists aren't expecting another big surge in mortgage rates.
Lawrence Yun, chief economist at the National Association of Realtors, said in a mid-year forecast event by the association Wednesday, before the Fed's meeting, the mortgage market has already priced in additional rate hikes, including yesterday's increase. Plus, fixed mortgage rates are tied to the 10-year Treasury rate.
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"It’s possible that we may be topping out in mortgage rates, independent of what the Fed may be doing in future months," Yun said.
Remember, the?30-year fixed-rate mortgage averaged 3.45% in January, before jumping to an average of 4.98% in April, then 5.52% in June, according to Freddie Mac data. More recently, that rate has hovered in the mid-5% range.
The big surges in mortgage rates seen earlier this year is a key reason for the recent slowdown in the national housing market.
Here are other top real estate stories from around the ACBJ network:
Built by Ashley Fahey, editor of The National Observer: Real Estate. Reach me with tips, questions and feedback at?[email protected]