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By Staff Reporters
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Home Mortgage rates just hit their highest mark since 2002, making home ownership even less attainable to potential buyers. Stagnation in the housing market could also put a squeeze on consumer spending, slowing broader economic growth. The average 30-year fixed-rate mortgage, a popular home loan, hit 7.09% last Thursday, up from 6.96% the week before, according to mortgage behemoth the Federal Home Loan Mortgage Corporation (Freddie Mac).
In a statement tied to the release, Freddie Mac noted that the rise of the 10-year Treasury yield and the strength of the economy both contributed to the high rate.
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Here is where the major benchmarks ended:
- The S&P 500® Index rose 49 points (1.1%) to 4,436.02; the Dow Jones Industrial Average (DJIA) rose 184 points (0.54%) to 34,472.98; the NASDAQ Composite (COMP) rose 215 points (1.59%) to 13,721.03.
- The 10-year Treasury note yield (TNX) fell 15 basis points to 4.180%.
- CBOE’s Volatility Index (VIX) fell roughly 1 point to 16.03.
Communication services—which is home to tech-adjacent companies such as Google parent Alphabet (GOOG), Facebook parent Meta (META), and Netflix (NFLX)—and technology were the top-performing sectors Wednesday.
Energy was the laggard, as crude oil futures slipped more than 1% to below $79.
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Filed under: "Ask-an-Advisor", Accounting, Breaking News, Funding Basics, Investing, LifeStyle | Tagged: 10 year treasury yield, CBOE, DJIA, DOW, Federal Home Loan Mortgage, FOMC, Freddic Mac, GOOG, home loans, home martgagers, inflation, interest rates, Meta, mortgage rates, NASDAQ, NFLX, S8P 500, TNX, Treasury yields, VIX | Leave a comment »
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