Mortgage rates hit nearly three-year high, demand falls

Summarised from 3 outlets · Updated 7 Oct, 12:24 · Archive

Mortgage rates have risen to their highest level in nearly three years, causing demand for homebuying and refinancing to decline.

Mortgage rates have climbed to their highest level in nearly three years, prompting a decline in demand for both homebuying and refinancing. The increase in borrowing costs extends beyond mortgages to affect car loans and higher education financing.

The rise in rates is reducing consumer appetite for major purchases and loans. Both outlets report that demand for mortgages has continued to shrink in response to the higher costs.

How it is being reported

• Tell us: are you affected by the 6% mortgage rate?Will the mortgage rate rise change your plans to buy a house or move? The average cost of a five-year fixed-rate mortgage has hit the 6% barrier for the first time in three years. Figures from financial information provider Moneyfacts show the average is now 6.00%, its highest point since September 2023, while the average two-year fixed rate is 5.98%, its highest since December of the same year. Continue reading...Guardian Business · 7 Oct, 12:19
• Mortgage rates sit at nearly 3-year high, and demand continues to shrinkMortgage rates rose to the highest level in nearly three years, causing demand for both refinancing and homebuying to decline even further.CNBC · 7 Oct, 12:00
• Here's the latest sticker shock: Borrowing for a mortgage -- or a carIt's not just mortgages being at their highest level in almost three years — but the cost of loans for cars and higher education are among the borrowing costs affected, too.NPR · 7 Oct, 10:00

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem