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Mortgage rates climb, sidelining homebuyers
- News bulletin
- Business & money
On Mortgage News Daily, the average rate for a 30-year fixed is now up to 7.6%. And as the cost of a mortgage has gone up, the demand for home loans has dipped to a two-year low, according to the Mortgage Bankers Association. Then, some lenders surveyed by the Federal Reserve reported that they’ve been noticing a pickup in delinquencies, as higher costs burden both families and businesses. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace Morning Report is more than a ra...
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Is this episode right for you?
B2 · Upper-intermediate
Comfortable if you already follow TV news
- 86% of the words are B1 or easier.
- 172 words a minute: natural, fairly fast speech.
- 42 harder words (B2 and up) in the whole episode.
Transcript
The opening of the episode. The whole transcript is in the player.
harder words (B2+)
Mortgage rates keep climbing, which is keeping home buyers on the sidelines. Another thing holding borrowers back? Their overall financial health. From Marketplace in Washington, I'm Kimberly Adams.
I check this morning on Mortgage News Daily, and the average rate for a 30-year fixed is now up to 7.6%. And with bond yields rising this morning, rates are likely to go higher, since mortgage rates typically follow what's happening in the bond market. As the cost of a mortgage
has gone up, the demand for home loans has gone down, to a two-year low, according to the Mortgage Bankers Association. Marketplace's Kaylee Wells has more on where rates and mortgage demand may be headed next. Mortgage rates have gone up this year because of government debt, trade wars, oil prices.
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