Robert Besser
24 Jan 2023, 06:28 GMT+10
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.
Get a daily dose of Toronto Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Toronto Telegraph.
More InformationLONDON, England: British Petroleum has reported a record profit of $28 billion for 2022 and increased its dividend, in line ...
TORRANCE, California: Due to un-repaired Takata air bag inflators that can explode and unleash potentially deadly metal shrapnel inside vehicles, ...
NEW YORK, New York - After a day of major gains, U.S. stock markets fell sharply Wednesday underscoring volatility as ...
CAPE CANAVERAL, Florida: In a tweet this weekend, Elon Musk said that SpaceX may attempt a Starship rocket system launch ...
LONDON, England: The Society of Motor Manufacturers and Traders has reported that new car registrations in the UK rose for ...
TAIPEI, Taiwan: After the end of COVID-19 disruptions in China, Taiwan's Foxconn, the world's largest contract electronics maker and major ...
WASHINGTON DC, USA - The United States and its allies have imposed new sanctions on Myanmar's military rulers as the ...
Bo Horvat and Anthony Beauvillier, the key figures in a Jan. 30 trade between the New York Islanders and the ...
The Toronto Raptors are reacquiring center Jakob Poeltl from the San Antonio Spurs, ESPN and The Athletic reported early Thursday ...
Kyrie Irving scored 24 points and dished out five assists in his Dallas Mavericks debut and Tim Hardaway Jr. added ...
While farming continues to drive deforestation around the world, 60% of the destruction of Earth's large, intact ...
The United States' two-way trade with other nations spiked in 2022, new federal data show, including trade with China despite ...