Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets
4 years, 10 months ago

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets

NPR  

Mortgage Rates Are Near All-Time Lows As Coronavirus Worries Hit Markets Enlarge this image toggle caption Steve Dipaola/Reuters Steve Dipaola/Reuters A dramatic drop in mortgage rates may give prospective homebuyers a chance to afford the house they've been eyeing — or may lower monthly payments for homeowners who refinance. But there's a silver lining in this market mayhem for homeowners and homebuyers: Mortgage rates have been driven down to near all-time lows. She says that buying a home is crucial for most Americans to build wealth and that these lower rates can mean hundreds or thousands of dollars a year in lower mortgage payments. Stobbe says that on a $300,000 30-year fixed-rate loan, if you were at 4.5% and refinanced at 3.5%, that would save you about $2,000 a year in mortgage payments.

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History of this topic

Bad news for homebuyers in the Northeast and Midwest
2 days, 8 hours ago

Bad news for homebuyers in the Northeast and Midwest

CNN  

CNN — Potential home shoppers in the Northeast and Midwest may be in for disappointment: Despite signs of cooling in the last year’s intensively competitive housing market, a new report from Zillow says some areas will stay especially competitive this year. Buying a home has grown more difficult for many Americans amid elevated mortgage rates and a lack of affordable …

Wall Street slumps as good news for the economy is once again bad for stocks
2 days, 8 hours ago

Wall Street slumps as good news for the economy is once again bad for stocks

LA Times  

Good news for the U.S. economy is back to being bad for Wall Street, and the stock market slumped Tuesday following better-than-expected reports on the job market and business activity. But such a solid economy could also keep up pressure on inflation, and it could make the Federal Reserve less likely to deliver the cuts to interest rates that Wall …

Mortgage rates inch closer to 7% to close out 2024
1 week ago

Mortgage rates inch closer to 7% to close out 2024

CNN  

New York CNN — Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. That’s the highest level in nearly six months and is also up from the prior week when mortgage rates averaged 6.85% versus the latest week’s average of 6.91%. The latest uptick in mortgage rates comes despite the Federal Reserve’s quarter-point interest rate cut last …

Homeowners have no incentive to sell. Here’s why
1 week, 3 days ago

Homeowners have no incentive to sell. Here’s why

CNN  

CNN — This year, America’s once-in-a-generation housing slump deepened — but 2025 may not see much improvement. Here’s what economists expect of the housing market in 2025: Homeowners are still locked in The US housing market is on track for its worst sales year in nearly three decades, according to NAR data. “It’s become more of a buyer’s market this …

Average rate on a 30-year mortgage climbs to 6.85%, highest since July, as bond yields keep rising
1 week, 6 days ago

Average rate on a 30-year mortgage climbs to 6.85%, highest since July, as bond yields keep rising

Associated Press  

WASHINGTON — The average rate on a 30-year mortgage in the U.S. rose for the second week in a row to its highest level since mid-July, reflecting a recent jump in the bond yields that lenders use as a guide to price home loans. It dipped as low as 6.08% in September — a 2-year low — and as high …

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
2 weeks, 6 days ago

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November

Associated Press  

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
3 weeks ago

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

Associated Press  

NEW YORK — The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. “Because the upcoming Trump administration’s policies might cause a resurgence in inflation or otherwise throw the economy off balance, the Fed might choose to take a wait-and-see approach …

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year
3 weeks, 5 days ago

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year

Associated Press  

LOS ANGELES — Home shoppers hoping for more attractive mortgage rates next year may be disappointed. Most of the eight forecasts call for the average rate on a 30-year mortgage to remain above 6% next year, with some including an upper range as high as 6.8%. “Even by the end of next year it’s hard to see sub 6% mortgage …

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline
3 weeks, 6 days ago

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what’s typically a less competitive time of the year for the housing market. The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is …

Trump may renew a housing fight that could rattle mortgage rates
1 month, 1 week ago

Trump may renew a housing fight that could rattle mortgage rates

CNN  

CNN — During his second term, President-elect Donald Trump is widely expected to privatize Fannie Mae and Freddie Mac, the mortgage giants that guarantee 70% of America’s mortgages. The government’s stake in the two mortgage giants could be valued at billions of dollars, meaning a spinoff would potentially net a big payday for the government and private investors in the …

Why everyone wants to lend to weak companies
1 month, 1 week ago

Why everyone wants to lend to weak companies

Live Mint  

Credit investors often talk in euphemisms. The safest bonds, with the highest credit ratings and hence the lowest yields, are almost always referred to as “high-grade" rather than “low-yield". Indeed, on November 24th the spread enjoyed by investors in American high-yield bonds over that enjoyed by investors in Treasury bonds fell below the spread on fixed-rate residential mortgages for the …

Average rate on a 30-year mortgage in the US slips to 6.81%
1 month, 1 week ago

Average rate on a 30-year mortgage in the US slips to 6.81%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.” Mortgage rates slid to just above 6% in September following the Federal Reserve’s decision to cut its main interest rate for the …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month, 2 weeks ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

'Crisis is real': Analyst warns Trump of looming plight that could doom presidency
1 month, 2 weeks ago

'Crisis is real': Analyst warns Trump of looming plight that could doom presidency

Raw Story  

Donald Trump managed to win a second term in large part due to the frustration of the electorate over prices — but there's a big economic crisis looming over the president-elect's head that could end up defeating him, Heather Long wrote for The Washington Post. Trump has boasted that under his presidency, people will be able to get 2 percent …

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?
1 month, 3 weeks ago

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?

Daily Mail  

Mortgage rates continue to rise despite the Bank of England cutting interest rates last week. Going up: Mortgage rates are rising because markets now think interest rates will stay higher for longer, with inflation also forecast to remain higher than previously expected Only a couple of months ago, there were more than a dozen banks offering sub-4 per cent rates. …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
2 months, 1 week ago

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win

LA Times  

Mortgage rates have been on the rise despite recent action from the Federal Reserve. In September, the Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to prospective home buyers that mortgage rates would follow suit. “They are saying ‘What’s going on?’” The fact that mortgage rates have gone up despite the cut underscores …

Mortgage Rates Continue to Rise as Economic Data Remains Strong
2 months, 2 weeks ago

Mortgage Rates Continue to Rise as Economic Data Remains Strong

CNN  

Mortgage rates rose again this week, marking the fourth consecutive weekly increase. The average rate on a standard, 30-year fixed mortgage was 6.54% in the week ending October 24, 2023, the highest level since early August but still below this year's high of 7.22% seen in early May. Expectations of a Fed rate cut caused mortgage rates to drop to …

Why mortgage rates have gone up, and when they might settle
2 months, 3 weeks ago

Why mortgage rates have gone up, and when they might settle

NPR  

Why mortgage rates have gone up, and when they might settle Mortgage rates have inched higher recently, after falling for several weeks. AYESHA RASCOE, HOST: You might expect that mortgage rates would be falling right now after the Federal Reserve cut interest rates by half a point last month. It's because mortgage rates aren't tied to the Fed's interest rate, …

Number of house sales was 5% higher in August than a year earlier
3 months, 1 week ago

Number of house sales was 5% higher in August than a year earlier

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Holly Tomlinson, a financial planner at wealth manager Quilter …

US home sales fell in August despite easing mortgage rates, more homes on the market
3 months, 2 weeks ago

US home sales fell in August despite easing mortgage rates, more homes on the market

Hindustan Times  

LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased …

Fed cuts interest rates by half point for first time in years. Here’s what that means for you
3 months, 3 weeks ago

Fed cuts interest rates by half point for first time in years. Here’s what that means for you

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. In an official statement, the Fed’s Federal Open …

How the economy will respond to the Fed's rate cuts
3 months, 3 weeks ago

How the economy will respond to the Fed's rate cuts

Politico  

“Rate cuts going into the end of this year and the beginning of next year will help provide some momentum to the economy,” said Bharat Ramamurti, a former Biden White House official who’s now advising Harris’s campaign. “Very sharp and significant Fed rate hikes didn’t have the same effect on the economy that you would have expected,” said David Wessel, …

Will interest rate decline shake up California housing market?
3 months, 3 weeks ago

Will interest rate decline shake up California housing market?

LA Times  

The interest rate on a 30-year fixed mortgage has fallen from above 7% in May to the low 6% range as of last week. For many prospective homebuyers, the last two years have been brutal as high home prices and mortgage rates produced the most unaffordable housing market since the 2000s bubble. Experts attribute the recent decline in mortgage rates …

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan
3 months, 3 weeks ago

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

LA Times  

Houses and residential buildings in San Francisco. While mortgage rates have come down, the average rate on a 30-year home loan is still more than double what it was just three years ago. Homeowners with an adjustable-rate mortgage, or ARM, that’s set to adjust to a higher rate may also want to consider refinancing while rates head lower. Mortgage rates …

Mortgage rates finally fall for first-time buyers – best deals compared
3 months, 3 weeks ago

Mortgage rates finally fall for first-time buyers – best deals compared

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} First-time home buyers …

Housing market hopeful of mortgage rate cuts
3 months, 4 weeks ago

Housing market hopeful of mortgage rate cuts

China Daily  

A bank employee addresses customer queries on home loans in Haian, Jiangsu province, in July. XU JINGBAI/FOR CHINA DAILY China's housing market expectations for a further decline in existing mortgage rates have turned stronger, real estate industry observers said on Wednesday. Zou Lan, head of the monetary policy department of the People's Bank of China, said during a news conference …

Fed leader, concerned about jobs downturn, tees up interest rate cuts
4 months, 2 weeks ago

Fed leader, concerned about jobs downturn, tees up interest rate cuts

LA Times  

Federal Reserve Chair Jerome H. Powell now sees inflation as less of a threat and maximizing jobs as even more important. But Powell’s emphasis on doing “everything we can to support a strong labor market” gave some economists reason to think that the Fed could make a half-point move next month. Powell said that the pace of policy actions would …

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving
4 months, 4 weeks ago

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving

Daily Mail  

Mortgage rates have fallen to their lowest level in 15 months - but one expert is warning a bigger drop is needed to kickstart the frozen housing market. Meredith Whitney said that mortgage rates need to hit 6 percent or below in order to kickstart the frozen market The average 30-year fixed-rate mortgage eased to 6.47 percent this week, according …

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan
4 months, 4 weeks ago

Considering a mortgage refi? Lower rates are just one factor when refinancing a home loan

Associated Press  

LOS ANGELES — Mortgage rates haven’t been this attractive in more than a year, good news for homeowners eager to refinance. While mortgage rates have come down, the average rate on a 30-year home loan is still more than double what it was just three years ago. Homeowners with an adjustable-rate mortgage, or ARM, that’s set to adjust to a …

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
5 months, 1 week ago

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it …

Why have interest rates fallen, and what does it mean?
5 months, 1 week ago

Why have interest rates fallen, and what does it mean?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The Bank of England has …

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices
5 months, 2 weeks ago

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

Associated Press  

LOS ANGELES — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months, 3 weeks ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months, 3 weeks ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
6 months ago

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Associated Press  

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply …

High interest rates are hurting people. Here’s why it’s worse for Californians
6 months, 1 week ago

High interest rates are hurting people. Here’s why it’s worse for Californians

LA Times  

By the numbers, the overall U.S. economy may look good, but down at the street level the view is a lot grimmer and grittier. “I’ve been really sacrificing a lot to get to this point to purchase a home and now I just feel like I got here but I didn’t work quick enough because interest rates have gotten the …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
6 months, 1 week ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
6 months, 1 week ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
6 months, 1 week ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average long-term US mortgage rate falls again, easing to lowest level since early April
6 months, 2 weeks ago

Average long-term US mortgage rate falls again, easing to lowest level since early April

Associated Press  

LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. Federal Reserve officials said …

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
7 months, 2 weeks ago

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

Associated Press  

WASHINGTON — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association of Realtors reported Wednesday. Homeowners have hesitated to put their houses on the market …

Long-term mortgage rates retreat for second straight week, US average at 7.02%
7 months, 3 weeks ago

Long-term mortgage rates retreat for second straight week, US average at 7.02%

Associated Press  

The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates are influenced by several factors, including how the bond market …

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%
7 months, 4 weeks ago

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and …

US renters seeing chance of owning a home at record low, NY Fed Survey shows
8 months ago

US renters seeing chance of owning a home at record low, NY Fed Survey shows

Hindustan Times  

Bloomberg Business US renters are more pessimistic about their ability to ever own a home and households’ expectations of home-price growth has reaccelerated after falling last year, a new Federal Reserve Bank of New York survey showed -- US renters are more pessimistic about their ability to ever own a home and households’ expectations of home-price growth has reaccelerated after …

House prices are falling, but what does the future hold for the market from here?
8 months ago

House prices are falling, but what does the future hold for the market from here?

The Independent  

Britain’s housing market has turned hostile again, at least for sellers. It was possible to find rates close to 1 per cent in 2021, before the Bank of England imposed 14 consecutive interest-rate rises in an attempt to bring an inflationary spike under control. While the US and the UK are in very different places economically, that sort of sudden …

The Fed indicated rates will remain higher for longer. What does that mean for you?
8 months ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

LA Times  

A sign highlighting the financing interest rate is displayed near the price sticker on an unsold vehicle at a Mercedes-Benz dealership. Mortgage rates, credit card rates, auto loan rates and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates …

It’s not just the Fed driving up your mortgage rate
8 months, 1 week ago

It’s not just the Fed driving up your mortgage rate

Live Mint  

Mortgage rates are back above 7%, sending home buyers in search of ways to trim the cost of their loans. “It’s very common to find a half-point difference between lender A and lender B, just by making a couple phone calls," said Michael Lorino, a real-estate agent with AssumeList in Alexandria, Va. Optimal Blue, a mortgage technology and data company …

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
8 months, 3 weeks ago

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined

Live Mint  

-- Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices. “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” NAR Chief Economist Lawrence Yun said in a statement. At the current sales pace, selling all …

Home sales fall in March with mortgage rates rising
8 months, 3 weeks ago

Home sales fall in March with mortgage rates rising

Associated Press  

LOS ANGELES — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. A modest pullback in mortgage rates early this year helped lift home sales in January and February, but rates mostly ticked up in February and March, when many of the home sales that were finalized last …

Homebuyers’ quandary: To wait or not to wait for lower mortgage rates
8 months, 4 weeks ago

Homebuyers’ quandary: To wait or not to wait for lower mortgage rates

Associated Press  

LOS ANGELES — Shop for a home now or hold out for the possibility of lower mortgage rates? “If mortgage rates do in fact drop as expected, I would expect there to be more competition from increased demand, so that’s one reason to potentially act now,” said Danielle Hale, chief economist at Realtor.com. Combined with a nearly 44% increase in …

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