Headline RoundupMarch 1st, 2024

Mortgage Rates Rise Again

Summary from the AllSides News Team

Mortgage rates are at their highest level in months as the spring home-buying season approaches.

The Details: The average interest rate on a 30-year mortgage loan rose to 6.94% from 6.9% this week, the highest point since December, according to Freddie Mac.

For Context: After hitting a 20-year high of 7.79% in October, mortgage rates fell slowly and remained around 6.6% for more than a month. They began to creep higher after the Federal Reserve said it wouldn't reduce its benchmark interest rate until later this year. A May 2023 study from LendingTree suggested that rising rates could cost homebuyers "an average of nearly $44,000" over the lifetime of their loans.

How the Media Covered It: Sources across the spectrum covered the news similarly. CNBC (Center bias) said that "as a result" of higher rates, "applications to refinance a home loan were 7% lower than the previous week and were 1% lower than the same week one year ago." Fox Business (Lean Right) noted that the average mortgage rate "remains sharply higher than the pandemic-era lows of just 3%." CNN Business (Lean Left) said the news "dampened already tentative homebuyer momentum heading into the spring."

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