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Mortgages rates rise to a 7-year high as the stock crisis continues.
Last weekend, mortgage rates rose to the highest levels in seven years, as house selling decelerated in April and the stock shortage continued to weigh on the mortgage markets. 30-year firm mortgage interest rates rose to 4.66% this weekend, the highest since May 2011, according to Freddie Mac.
Interest rates increased by 15 from the first 21 Weeks of this year, the biggest proportion since at least 1972. Meanwhile, the National Association of Realtors (NAR) said Thursday that April home selling of current homes dropped 2.5% to a seasonal average of 5.46 million. Shortage of inventories has damaged selling, with house building per home approaching its worst levels in 60 years, according to the Kansas City Fed.
Forecasts by the National Association of Home Builders predict that there will be less than 900,000 new home beginnings this year, although the overall housing construction could potentially take between 1.2 million and 1.3 million, pointing to another year of sub-construction. Increased mortgage rates could also worsen the stock crisis if they prevent existing home owners from purchasing and reselling a new home at these higher rates.
Saying the NAR house prices soared in April, featuring their next year-over-year profits staged their 74th monthly rise. Last months house purchase cost a total of $257,900, more than 5% more than last year.