Mortgage rates are on the rise again

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Houses and Homes

CNN’s Gabe Cohen reports on how record housing prices and rising mortgage rates are widening the racial divide in the US.

” data-duration=”02:32″ data-editable=”settings” data-headline=”Typical monthly payment for US home up 42% in a year” data-index=”idx-0″ data-show-name=”The Lead” data-show-url=”https://www.cnn.com/shows/the-lead” data-source=”CNN” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_7ed3597c36655f09dc26c87ec4a7ed60-h_9f934338c7e81b70b35aa8fb055e9bd1-pageTop@published” data-video-id=”business/2022/05/20/housing-prices-racial-divide-arizona-cohen-dnt-lead-vpx.cnn” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_7ed3597c36655f09dc26c87ec4a7ed60-h_9f934338c7e81b70b35aa8fb055e9bd1-pageTop@published”>

NEW YORK, NEW YORK - MARCH 31: A home stands for sale in a Brooklyn neighborhood with a limited supply of single family homes on March 31, 2021 in New York City. As Americans increasingly look for larger spaces now that many are working and educating their children from home, prices of homes have risen an estimated 16% as supply can't meet demand. The number of homes for sale stands at a record low, with only a two-month supply at the current pace of sales.

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Redfin’s Daryl Fairweather says a brief downturn during the pandemic is over and housing will remain hot for the foreseeable future.

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A man walks along a street in a neighborhood of single family homes in Los Angeles, California on July 30, 2021.

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According to the National Association of Realtors 1 in 7 buyers are not using a realtor to help with a home purchase, which may present some challenges.

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A For Sale sign is displayed in Falls Church, Virginia, on April 2, 2022.

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Amid rising inflation and higher property taxes and mortgage rates, Americans are witnessing rent increases. CNN’s Vanessa Yurkevich met with some of those struggling through the housing affordability crisis.

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Home prices are up 15% year to year, amid strong demand and low supply. Mortgage rates and rental prices, meanwhile are also up. CNN’s Vanessa Yurkevich reports.

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A home, available for sale, is shown on August 12, 2021 in Houston, Texas.

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The superstar’s childhood home in Pennsylvania is for sale for nearly $1 million, where she started to learn music and lived until 14.

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These home inspectors spill the secrets on how to identify common problem often hiding in new flips and why buyers may get more than they bargained for.

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Renters and homeowners are faces rising prices due to the supply chain backup creating a rise in prices for construction supplies. CNN’s Vanessa Yurkevich reports.

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Mortgage rates are at the highest level since March of 2020. CNN’s Vanessa Yurkevich reports on how rising rates are making an already competitive market more stressful for buyers.

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From a three-bedroom penthouse in Madrid to a one-bed flat in central London, this is what $1 million gets you in four European capital cities.

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Considering buying a house? CNN Business spoke with a couple of real estate and mortgage experts to get their insights on what you need to know before you close the deal.

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After taking a breather for several weeks, mortgage rates climbed again.

The 30-year, fixed-rate mortgage averaged 5.23% in the week ending June 9, up from 5.09% the week before, according to Freddie Mac. The rate remains well above the 2.96% average from this time last year.

“After little movement the last few weeks, mortgage rates rose again on the back of increased economic activity and incoming inflation data,” said Sam Khater, Freddie Mac’s chief economist.

The rates moved up in anticipation of Friday’s inflation data and mirrored the rebound in the 10-year Treasury, which crested at 3% mid-week, said George Ratiu, Realtor.com’s senior economist and manager of economic research.

“Investors have their eyes on the Consumer Price Index, expecting to see continued gains but at a moderating pace,” he said, adding that the data will be an important measure for the Federal Reserve at its meeting next week.

The Fed is expected to raise rates again at its next policy making meeting. Mortgage rates tend to track 10-year US Treasury bonds. But rates are indirectly impacted by the Fed’s actions on inflation. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and with it, mortgage rates.

The housing market continues to sag under the weight of record-high home prices and higher mortgage rates. Mortgage applications have dropped, with weakness in both purchase and refinance applications pushing the market index down to its lowest level in 22 years, according to Joel Kan, Mortgage Bankers Association’s vice president of economic and industry forecasting.

Buyers of median-priced homes are looking at a monthly mortgage payment that is 53% higher than it was a year ago, adding an extra $670 to their monthly expenses.

Compounding these pressures, Ratiu said, almost 20 states have average gasoline prices above $5 per gallon, pushing living expenses to new highs, especially as employers are asking workers to be back in offices.

“The economic outlook is highly dependent on the well-being of the American consumer,” said Ratiu. “For many Americans looking for affordable pockets of housing, mid-sized cities remain a viable alternative, especially as the number of homes for sale has been on the rise, bringing fresh options.”