In hopeful sign, US mortgage rates at lowest level since September

Robert Besser
24 Jan 2023, 06:28 GMT+10

Data from the Mortgage Bankers Association released this week showed that the average interest rate on leading US home loans dropped to its lowest level since September
For the week ending on 31st January, the average contract rate on a 30-year fixed-rate mortgage fell by 6.23 percent to 19 basis points
The yield on the 10-year note acts as a benchmark for mortgage rates

WASHINGTON D.C.: Data from the Mortgage Bankers Association released this week showed that the average interest rate on leading US home loans dropped to its lowest level since September, indicating that inflation has past its peak as Treasury yields decrease.

For the week ending on 31st January, the average contract rate on a 30-year fixed-rate mortgage fell by 6.23 percent to 19 basis points, as financial markets have been encouraged by recent data showing that inflation is slowing, which will enable the Federal Reserve to curb its interest rate hikes.

The yield on the 10-year note acts as a benchmark for mortgage rates.

As the Federal Reserve Bank raised its benchmark policy rate in 2022 at the most rapid rate in 40 years, mortgage rates surged to more than 7 percent in October.

Lower mortgage rates have attracted more buyers, with the Mortgage Bankers Association's Market Composite Index, a measure of mortgage loan application volume, rising 27.9 percent from last week, the highest increase since March 2020.

After lifting its policy rate by 50 basis points in December, the US central bank is expected to slow its pace of rate hikes to a quarter percentage point increase when it next meets on 31st January and 1st February.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.

More Information

31 ℃

Fair in Subang

Southeast Asia

Section

Nepal army searching for 72nd victim of Pokhara plane crash

KATHMANDU, Nepal - The search for one of the 72 people killed in the Pokhara plane crash is continuing, according ...

Huji chief working in Rohingya camps arrested in Bangladesh

DHAKA, Bangladesh - On Friday, authorities claimed to have apprehended a top leader of the banned militant group Harkat-ul-Jihad-al Islami ...

USAID commits extra $75 million in aid to Rohingya refugees in Bangladesh

DHAKA, Bangladesh - The United States Agency for International Development (USAID) is committing an additional $75 million in humanitarian aid ...

'It's murder, not suicide.' Protesters blame govt after man sets himself on fire

KATHMANDU, Nepal - On Tuesday, a 37-year-old man died after setting himself on fire in front of the Parliament building ...

Pakistan reveals Indian false flag drama on the eve of India's Republic Day

ISLAMABAD, Pakistan - Pakistan's intelligence and security agencies have revealed the script for a false flag operation involving alleged infiltration ...

Nepal dispatches 2 Shaligram stones to Ayodhya for Ram, Janaki idols

By Binod Prasad AdhikariMyagdi [Nepal], January 29 (ANI): Nepal has dispatched two Shaligram (non-anthropomorphic representation of Lord Vishnu in Hindu ...

Business

Section