Oct. 22 – Mortgage rates for 30-year fixed U.S. home loans rose for a second consecutive week, making borrowing more expensive and threatening signs of stabilization in the housing market.
The average 30-year rate climbed to 5 percent from 4.92 percent last week. The 15-year rate increased to 4.43 percent from 4.37 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.
Rising borrowing costs reduced mortgage applications last week. The Mortgage Bankers Association’s index of applications to purchase a home or refinance fell 14 percent and homebuilders broke ground on fewer homes than anticipated in September. A government tax credit for first-time homebuyers is set to expire at the end of November.
“It’s going to be a long road to recovery,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida. “It’s going to be pretty gradual.”
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