High mortgage rates in the United States | 10 Agosto 2023

10 Agosto 2023, USD/JPY

High mortgage rates in the United States

USDJPY trading plan:

The average U.S. 30-year mortgage rate jumped to a nine-month peak and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. The average 30-year mortgage rate shot up to 7.09% for the week ending Aug. 4, a 16-basis point increase from the previous week's 6.93% rate, according to a weekly report released by the Mortgage Bankers Association. Recent data has suggested that the home price cooling engineered by the Federal Reserve's aggressive interest rate hiking campaign could be slowing down. While demand in the past year has waned, a severely limited housing stock has kept upward pressure on prices. But the recent data showing higher mortgage rates and crimped demand could be welcome news for overall shelter costs and the U.S. central bank's effort to bring inflation down.

Investment idea: range 143.25 -144.35.

David Johnson
Analyst of «FreshForex» company
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