US Mortgage Rates Rise, Extending Gains for Third Straight Week

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessUS Mortgage Rates Rise, Extending Gains for Third Straight WeekBorrowing costs are approaching highest level in a year.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Mortgage rates in the US, already the highest in almost a year, rose for a third week, squeezing affordability as home price growth accelerates. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe average for a 30-year, fixed loan climbed to 6.58% from 6.55% a week earlier, Freddie Mac said in a statement Thursday. The rate was 6.74% a year ago.The property market is facing pressure from the recent flareup in hostilities with Iran that is roiling energy markets and threatening to drive up inflation and push borrowing costs higher. Until the fragile ceasefire fell apart earlier this month, rates were beginning to drift lower, giving a lift to demand. In mid-July, home prices were up 1.7% from a year earlier, the largest increase in more than three years, according to data from Intercontinental Exchange Inc. Annual gains were the highest in upstate New York, up 8.7% in Rochester, 7.4% in Syracuse and 6.8% in Albany, while the steepest decline was in Cape Coral, Florida, down 3%. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againBright MLS Chief Economist Lisa Sturtevant expects elevated mortgage rates to result in a slow summer.“Higher gas prices and concerns about overall inflation rising have created more financial strain for would-be buyers,” she said.Investors see the Federal Reserve hiking interest rates at least by its September meeting as persistent inflationary forces keep price growth well above the central bank’s 2% target. Interest-rate futures as of Thursday reflected a better than 1-in-3 chance of a move at the next gathering, July 28-29, though economists surveyed by Bloomberg universally see no action this month.—With assistance from Chris Anstey.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.