Mortgage rates tick higher again as recession fears loom
Realtor.com chief economist shares her advice for homebuyers and sellersReplayMore Videos ... (16 Videos)Realtor.com chief economist shares her advice for homebuyers and sellersProducts on the shelves getting smaller? You can blame 'shrinkflation'Amid inflation, economist warns avoiding recession won't be 'easy path'What can Biden actually do about inflation? History is a guide'Worse than we anticipated:' CNN reporter breaks down inflation dataLook back at when the euro hit parity with the dollar in 2002'America's job machine is firing on all cylinders': Romans on the June jobs reportRecession is likely coming. How bad will it be?Child care costs are rising. See how parents are copingCiti chief economist: Recession risk is risingSchwab top strategist: Consumers 'much better prepared' for downturn compared to Great Recession'Pay rent or buy some food': Millions of renters unsure if they can make rentShrinking UK economy could lead to a recession amid 40-year high inflationPowell: Recession after rate hikes certainly a possibilityWarren to Powell: Don't drive this economy off a cliffAnalyst: Gas tax holiday 'won't change people's behavior' (CNN)Mortgage rates ticked higher for the second week in a row as more economic indicators flashed warning signs of an impending recession.
The 30-year fixed-rate mortgage averaged 5.54% in the week ending July 21, up from 5.51% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.78%.What will my monthly mortgage payment be?Rates have risen sharply since January, hitting a year high of 5.81% in mid-June. But since then, economic concerns have made rates more volatile. Rates dropped the first week in July, notching the biggest one-week dip since 2008."The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's chief economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably."This is a developing story and will be updated.Click Here To Get Funded!