Mortgage Rates Hit Seven-Year High

Mortgage rates hit 7-year high amid slowing housing market

Still, compared to a year ago, the Purchase Index is actually up 2 percent.

On Tuesday, benchmark 10-year Treasury yield US10YT=RR rose to 3.261 percent, the highest since May 2011, as investors pared their bond holdings on worries about rising inflation and a faster pace of interest rate hikes from the Federal Reserve.

The volume of applications for mortgages dropped during the week ending October 5 as average contract interest rates rose to record levels, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA).

"Rates moved higher last week, driven by strong data on the job market, indicating that the Fed will continue to raise rates", said Joel Kan, an MBA economist. Long-term rates are now up almost a full percentage point from the start of 2018, the Wall Street Journal reported. According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), this combination of high prices and interest rates helped to bring down housing affordability thus far this year.

C-section births rise rapidly to more than 20% worldwide, research finds
But in close to a quarter of nations surveyed, caesarean section use is significantly lower than average. Of the 6.2 million unnecessary C-sections performed annually, half were in Brazil and China .

Princess Eugenie's second wedding gown by Zac Posen
BBC One did not air the wedding of Eugenie and Jack on Friday, although part of it was covered on BBC Two's Victoria Derbyshire. Brooksbank, who works as a brand ambassador for Casamigos tequila, proposed to Eugenie, an art gallery director, last winter.

Irresistible Djokovic schools Zverev to reach Shanghai final
Djokovic did not face a break point en route to a 59-minute victory as he extended his winning streak to 17 ATP matches. Will Novak Djokovic-Roger Federer Clash Again at US Open 2018 Quarter-Final, Fixtures Say It is Possible.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.

The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. "At 5%, mortgage rates are up a full percentage point in the past 12 months". The United States Department of Agriculture (USDA) share of all mortgage applications also went up slightly, from 0.7 percent to 0.8 percent.

The average rate for five-year adjustable-rate mortgages jumped to 4.07 per cent from 4.01 per cent last week.

Related News:

  • Chinese Stocks Plummet for 2nd Time in a Week

    Chinese Stocks Plummet for 2nd Time in a Week

    China's stocks fell sharply to a four-and-a-half-year low today, as a sell-off on Wall Street spread to Asia . The moves came after both indexes on Thursday logged their worst one-day drops since February 2016.
    Woman Removed From US Flight For Bringing ‘Emotional Support Squirrel’ On Board

    Woman Removed From US Flight For Bringing ‘Emotional Support Squirrel’ On Board

    At least not on Tuesday at Orlando International Airport , where an unidentified passenger hadn't gotten the memo. Torok took a later flight to visit relatives in Cleveland, leaving Daisy behind with her daughter in Orlando .
    Saudi stocks drop after Trump threat over missing writer

    Saudi stocks drop after Trump threat over missing writer

    Nearly all the media sponsors have withdrawn, but many business and consultancies are still planning to go. Cancelling the mega arms deal with the Saudis, he said, would be " very foolish" for the country.
  • Gamevice Pixel 3 XL Works With Pixel 2 Devices

    Gamevice Pixel 3 XL Works With Pixel 2 Devices

    Does Super Res Zoom deliver on that tall order? The Pixel 3 weighs 148 grams, while the iPhone XS clocks in at 177 grams. That £260 premium for the 64GB iPhone XS does get you more, including Face ID and that fantastic dual lens rear camera .
    Schumacher junior wins F3 title on home track

    Schumacher junior wins F3 title on home track

    Last year's champion, Lando Norris, is to make the grade with McLaren in 2019, having spent this season competing in Formula 2. Finally racing under the family name, he stepped up to F4 racing in 2015.
    Trump threatens Saudi Arabia over journalist

    Trump threatens Saudi Arabia over journalist

    Turkish daily Milliyet reported "arguments and shouting" could be heard on the recordings. Turkish authorities say he was brutally murdered inside the building by a Saudi hit squad.
  • Government scraps plug-in auto  grant for hybrids

    Government scraps plug-in auto grant for hybrids

    The Government is facing criticism from the automotive industry for its decision to scrap the plug-in hybrid auto grant. Effectively the new grant will only offer discounts to fully electric cars.
    Charles Matthews named to 2018-19 preseason All-Big Ten team

    Charles Matthews named to 2018-19 preseason All-Big Ten team

    Making the preseason All-Big Ten team is a good start and it shows that he's already on people's radars. Indiana's Romeo Langford was voted the unanimous preseason freshman of the year.
    Boston's Sale faces Astros' Verlander in Game 1 of ALCS

    Boston's Sale faces Astros' Verlander in Game 1 of ALCS

    These teams are too good, and they have too much to play for. "It's a great attribute for these guys to continue to reach for it". He's posted a glittering 2.01 earned-run average in that span, striking out 109 and allowing just 56 hits in 98 1/3 innings.
  • Fracking to start in United Kingdom  as legal challenge fails

    Fracking to start in United Kingdom as legal challenge fails

    The high pressure forces tiny naturally occuring fissures in the rock formation to open and release natural gas which is trapped. But the judge ruled there was not a "serious issue" to be tried which would justify an interim order.
    Foster says no-deal Brexit 'likeliest outcome'

    Foster says no-deal Brexit 'likeliest outcome'

    The EU's suggestion would see Northern Ireland remain aligned with Brussels' rules, thus varying from the rest of the UK. Writing in the Sunday Times , he said ministers should "exert their collective authority" to thwart Mrs May's plans.
    Leaders urge 'follow the money' to combat wildlife trafficking

    Leaders urge 'follow the money' to combat wildlife trafficking

    This will also finance protection for whistle-blowing to encourage the reporting of illegal activity. This will help put the criminal kingpins behind the trade behind bars, where they belong".

Most liked

Children among 22 dead as truck crashes in Turkey
Meanwhile, Chief Public Prosecutor's Office in Menderes launched an investigation over the incident. Thirteen people were injured in the crash and were being treated in nearby hospitals.

Novak Djokovic wins record fourth Shanghai Masters title
The top four players in the world - Nadal, Federer, Djokovic and Juan Martin del Potro - had already qualified for London. A win on Sunday would deliver a fourth title for the season to Djokovic , beside Wimbledon and the U.S.

Command & Conquer remasters coming to PC hints EA
Command & Conquer: Rivals was a mobile game. "And as a fan of C&C for over 20 years, I couldn't agree more", Vessella wrote . So there you have it - an invitation to get involved in shaping exactly how C&C will return to the PC.

AAU coach testifies to paying Deandre Ayton’s family
On trial are aspiring sports agent Christian Dawkins , former amateur coach Merl Code and former Adidas executive James Gatto . He's now under contract with the NBA's Cleveland Cavaliers in a developmental league.

Princess Eugenie's special wedding performer
The princess had major surgery to correct a curvature of her spine, known as scoliosis, and had steel rods inserted into her back. Eugenie started her education at Winkfield Montessori before heading to Upton House School and Coworth Park School.

Pepperell leads as Dunne, Lowry & Harrington fall back
The Englishman not only played in the same four FedEx events as the Americans, he went on to play a leading role in Versailles. A top-two finish at Walton Heath would send Rose, 38, top of the world rankings for the second time this season.

Indias Flipkart confident of bumper sales season; says Amazon losing relevance
Oppo's online-only brand RealMe promises to boost performance of the Chinese brand that has struggled to grow in recent quarters. Second-placed Samsung is taking the fight to Xiaomi by enhancing its "value" through discounts and offers on ecommerce portals.

Pixel Camera app gets external mic support alongside Pixel 3 launch
We can't help you make that decision, but we can help you parse out the major similarities and differences between the two phones. Inside of Developer Options you will look for the subcategory of Drawing and scroll to where it says Display Cutout .

USA says Chinese debt responsible for Pakistans IMF bailout request
The IMF statement said it would push to improve the World Trade Organisation and boost confidence in the global trading system. That would be a first for China, triggering a process that could lead to punitive steps.

Wall Street slumps as investors dump tech stocks
USA crude oil futures dropped 0.5 percent to $74.61 a barrel and Brent crude futures eased 0.2 percent to $84.80 a barrel. The dollar dipped due to a fall in USA bond yields after touching a seven-week peak against a basket of currencies.

Increasing air pollution linked to greater chance of mouth cancer
This study, with a large sample size, is the first to associate oral cancer with PM2.5 using the aforementioned databases. Researchers collected cancer , health and insurance records for more than 480 thousand (482,659) Taiwanese men.

New PlayStation 4 Bug Reportedly Breaking Consoles
Concerned users can go to Settings Account Management Privacy Settings to change Message settings to private. It seems a malicious message is making the rounds on the PlayStation Network.

All races behind my victory, says Anwar
Muhyiddin also thanked the entire PH machinery for their hard work in ensuring the coalition's victory. Anwar was announced as the victor after he garnered 23,560 votes, defeating six other contenders.

Strictly’s Seann and Katya apologise for ‘one-off mistake’ after kissing snap
Winkleman turned to Katya and said "You looked so happy with that six", but the subtitles said 'You look so happy with that sex'. She went on to clarify the narrative of the evening the couple were caught kissing: "Those pictures were taken on October 3rd".

India 308-4 at stumps in 2nd West Indies Test
However, the right-left batting combination of Rahane and Pant ensured a wicketless final session with their contrasting batting. Despite much of the top order gone, Chase didn't panic as he set about rebuilding with Holder, who matched him for strokes.