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 month, its third cut of the year. “Compared to this time last year, rates are elevated and the market’s affordability headwinds persist,” Sam Khater, Freddie Mac’s chief economist, said in a statement released Thursday. That tends to result in “declines in both refinance and purchase applications.” A painful year for prospective homebuyers Many prospective homebuyers went into 2024 hopeful that expected Fed rate cuts would lower mortgage rates and, as a result, unlock new housing inventory from homeowners who didn’t want to forfeit the lower mortgage rates they secured during the pandemic.

Mortgage Fed Rate Cut Rates Mortgage Rates  week  closer  price  rate  inch  cut  according  market  inflation  mortgage  2024  rates  close  month

History of this topic

Bad news for homebuyers in the Northeast and Midwest
2 days, 17 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 …

Average rate on a 30-year U.S. mortgage hits 6.91%, according to Freddie Mac, the highest since July
1 week ago

Average rate on a 30-year U.S. mortgage hits 6.91%, according to Freddie Mac, the highest since July

Associated Press  

WASHINGTON — U.S. mortgage rates rose this week to the highest level since July. The benchmark 30-year fixed rate loan rate rose to 6.91% from 6.85% last week, according to mortgage giant Freddie Mac. The average rate on a 15-year fixed-rate mortgage, popular with homeowners seeking to refinance, climbed to 6.13%, up from 6% and also the highest since July. …

Treasuries Post Annual Gain as Fed Starts Interest-Rate Cuts
1 week ago

Treasuries Post Annual Gain as Fed Starts Interest-Rate Cuts

Live Mint  

The US Treasury market ended 2024 with a small gain as inflation resumed edging lower after the first quarter and the Federal Reserve cut interest rates three times. The gain was smaller than the market’s 2023 advance, which followed two straight annual losses for an asset class whose interest payments normally offset price declines caused by rising yields. But the …

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

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
2 weeks, 4 days ago

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

LA Times  

Though the Fed doesn’t set mortgage rates, it does influence them. “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 and hold rates steady at their January meeting.” Depending on the specific proposals the Trump administration manages to enact, the Fed …

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates
2 weeks, 6 days ago

US Fed’s preferred inflation yardstick edges higher by 2.4% in November, stays within Wall Street estimates

Live Mint  

The US Federal Reserve's preferred inflation measure rose for a second straight month in November by 2.4 per cent, yet stayed within Wall Street estimates. The US Commerce Department's data showed on Friday that the personal consumption expenditures price index rose 2.4 per cent year-on-year in the 12 months to November, up from 2.3 per cent in October. At 2.4 …

Fed lowers rates but sees fewer cuts ahead
Top News
2 weeks, 6 days ago

Fed lowers rates but sees fewer cuts ahead

China Daily  

US Federal Reserve Chair Jerome Powell departs after speaking at a press conference where he announced the Fed had cut interest rates by a quarter point following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, US, December 18, 2024. WASHINGTON — The US Federal Reserve on Wednesday slashed interest rates by 25 basis …

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

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?
3 weeks ago

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?

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 held …

US home sales hit fastest pace since March with more properties up for sale
3 weeks ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

Interest rates held at 4.75%: What it means for your mortgage and savings
3 weeks ago

Interest rates held at 4.75%: What it means for your mortgage and savings

Daily Mail  

The Bank of England has opted to hold the base rate at its current level, meaning interest rates will finish the year at 4.75 per cent. Today's decision to hold the base rate at 4.75 per cent may seem like bad news for mortgage borrowers, many of whom will be desperate for their monthly costs to fall. Tracker rates follow …

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025
3 weeks ago

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025

Hindustan Times  

Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signaling greater caution over how quickly they can continue reducing borrowing costs. A majority of economists in a Bloomberg survey had expected the median rate estimate would point to three cuts next year. Bumpy Inflation Policymakers …

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 …

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon
3 weeks, 1 day ago

U.S. Federal Reserve is set to cut key rate but consumers might not feel much benefit anytime soon

The Hindu  

Federal Reserve officials on Wednesday will likely signal a slower pace of interest rate cuts next year compared with the past few months, which would mean that Americans might enjoy only slight relief from still-high borrowing costs for mortgages, auto loans and credit cards. The central bank’s policymakers may signal that they expect to reduce their key rate just two …

The Fed is about to deliver the last rate cut for a while
Trending News
3 weeks, 1 day ago

The Fed is about to deliver the last rate cut for a while

CNN  

Washington CNN — The Federal Reserve on Wednesday is expected to cut interest rates for the third time this year, in what could be the last rate cut for months. The Fed’s key interest rate influences borrowing costs across the economy and it’s used to achieve stable prices and maximum employment, two key goals mandated by Congress. With inflation nearly …

Fed lowers interest rates again but pares back plans for more cuts in the future
3 weeks, 1 day ago

Fed lowers interest rates again but pares back plans for more cuts in the future

LA Times  

Federal Reserve Chairman Jerome Powell has led the central bank’s battle to bring inflation down to 2%, but progress has stalled in recent months. Stocks plunged after the Fed announced its quarter-point rate reduction and updated projections, which halved the number of rate cuts for next year. And one Fed voting member, Beth M. Hammack, president of the Fed Bank …

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
4 weeks 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 …

Jump in average fixed mortgage rates recorded in December, says Moneyfacts
1 month ago

Jump in average fixed mortgage rates recorded in December, says Moneyfacts

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our …

Average rate on a 30-year mortgage in the U.S. falls
1 month ago

Average rate on a 30-year mortgage in the U.S. falls

LA Times  

The average rate on a 30-year mortgage in the U.S. eased again last week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

Average rate on a 30-year mortgage in the US falls to 6.69%
1 month ago

Average rate on a 30-year mortgage in the US falls to 6.69%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased again this week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?
1 month ago

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?

Daily Mail  

A major high street bank has announced it will cut mortgage rates by up to 0.39 percentage points. At present, the lowest five-year fix on offer via a major lender is a 4.14 per cent rate with Nationwide Building Society. Speaking to the Global Boardroom conference with the Financial Times, Andrew Bailey confirmed the Bank of England's central forecast of …

Fed Officials Keep Options Open for December Rate Decision
1 month ago

Fed Officials Keep Options Open for December Rate Decision

Live Mint  

-- Three Federal Reserve officials on Monday made clear they expect the US central bank to continue cutting interest rates over the next year, but stopped short of saying they are committed to making the next reduction later this month. Fed Governor Christopher Waller, addressing a conference in Washington, said he’s inclined to vote to lower borrowing costs when Fed …

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 …

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 …

It’s Reasonable to Consider Rate Cut Next Month, Fed’s Kashkari Says
1 month, 2 weeks ago

It’s Reasonable to Consider Rate Cut Next Month, Fed’s Kashkari Says

Live Mint  

-- Federal Reserve Bank of Minneapolis President Neel Kashkari said it is still appropriate to consider another interest-rate cut at the central bank’s December meeting. “It’s still a reasonable consideration,” Kashkari said Monday on Bloomberg Television in response to a question about whether policymakers should reduce borrowing costs by a quarter point at their last meeting of the year. “Right …

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 …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month, 2 weeks ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Hindustan Times  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Average rate on a 30-year mortgage in the US rises to highest level since July The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates increase they can add …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month, 2 weeks ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on …

Federal Reserve’s likely slowdown in rate cuts could disappoint borrowers
1 month, 2 weeks ago

Federal Reserve’s likely slowdown in rate cuts could disappoint borrowers

Associated Press  

WASHINGTON — Just a few weeks ago, the path ahead for the Federal Reserve looked straightforward: With inflation cooling and the job market slowing, the Fed appeared on track to steadily cut interest rates. “The potential for growth to remain strong — that has to call into question whether they will feel either the need or ability to cut rates …

Millions hit with mortgage blow as rise in inflation crushes hopes of interest rate cut
1 month, 2 weeks ago

Millions hit with mortgage blow as rise in inflation crushes hopes of interest rate cut

Daily Mail  

Interest rate cut hopes were crushed yesterday after a bigger-than-expected rise in inflation to a six-month high - in a blow to millions of borrowers. Higher inflation will add to the Bank of England's reluctance to cut its benchmark interest rate, currently at 4.75 per cent. Latest economists' forecasts Rachel Reeves's Budget has also dented rate cut hopes - as …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month, 2 weeks ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

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 Soaring monthly mortgage payments are …

The average rate on a 30-year mortgage in the US slips to 6.78%
1 month, 3 weeks ago

The average rate on a 30-year mortgage in the US slips to 6.78%

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. Last week, bond yields surged on expectations that President-elect Donald Trump’s plans to lower tax rates, increase tariffs and reduce regulation could ultimately lead to higher U.S. …

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why
1 month, 3 weeks ago

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why

Live Mint  

The US Federal Reserve will likely stay on course towards delivering another interest rate cut in its December policy meeting even after the latest inflation print revealed that consumer prices rose for the first time in seven months. Wall Street analysts say that October's inflation data "will change little for the US Fed'' when the Federal Open Market Committee will …

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. …

Trump enters just as the Fed is shifting its focus
2 months ago

Trump enters just as the Fed is shifting its focus

Live Mint  

With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing. Alternatively, any resurgence in inflation could force the Fed to stop cutting rates, raising the odds that the economy faces a hard landing later in Trump’s term. Due in part to the Fed cutting rates with a solid economy, …

Federal Reserve cuts its key interest rate by a quarter-point
Trending News
2 months ago

Federal Reserve cuts its key interest rate by a quarter-point

The Hindu  

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week. Why rate cuts by the U.S. Federal Reserve matter to world markets In a statement after its latest meeting ended, the Fed said the …

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation
Trending News
2 months ago

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation

Firstpost  

The interest rate in the US is now in the range of 4.5-4.75 per cent. The US Federal Reserve on Thursday cut the benchmark lending rates in the country by 0.25 per cent. Inflation has made progress toward the Committee’s 2 per cent objective but remains somewhat elevated,” the Federal Open Market Committee, which is responsible for changes to the …

Average rate on a 30-year mortgage in the US rises for 6th straight week
2 months ago

Average rate on a 30-year mortgage in the US rises for 6th straight week

Associated Press  

The average rate on a 30-year mortgage in the U.S. rose for the sixth straight week, returning to its highest level since early July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though the housing market remains …

The interest rate cut is good news for mortgage payers – they need more
2 months ago

The interest rate cut is good news for mortgage payers – they need more

The Independent  

After a turbulent few weeks, the Bank of England delivered a soothing balm to Britain’s hard-pressed borrowers with a quarter-point cut in interest rates. The Budget also pushed the City’s interest rate swaps market higher – and it is this rather than base rates that governs the price of most popular types of mortgage: two or five year fixes. “Borrowers …

How will the interest rate cut affect you? From inflation to mortgages
2 months ago

How will the interest rate cut affect you? From inflation to mortgages

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. High interest rates encourage saving because people get a better return for the money …

The Fed cuts interest rates — but Trump's election could make things trickier
2 months ago

The Fed cuts interest rates — but Trump's election could make things trickier

NPR  

The Fed cuts interest rates — but Trump's election could make things trickier toggle caption Anna Moneymaker/Getty Images North America The Federal Reserve lowered interest rates by a quarter percentage point Thursday, as expected — but the central bank may grow more cautious about future rate cuts as it monitors the impact of economic policies in a second Trump administration. …

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 …

Autumn Budget 2024: What will it mean for my mortgage?
2 months, 1 week ago

Autumn Budget 2024: What will it mean for my mortgage?

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 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 {{ …

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 …

Interest rates will only fall to 3.75% next year, says Santander - days after Goldman Sachs' far spicier forecast
2 months, 2 weeks ago

Interest rates will only fall to 3.75% next year, says Santander - days after Goldman Sachs' far spicier forecast

Daily Mail  

Interest rates will fall to 3.75 per cent by the end of next year, banking giant Santander has predicted, bucking a trend of bolder rate cut forecasts. Santander's forecast comes days after Goldman Sachs prediction that interest rates would fall to 2.75 per cent over the same period raised eyebrows. Santander forecasts base rate to fall to 3.75% by the …

Stocks Fall, US Yields Rise Amid Election Jitters
2 months, 2 weeks ago

Stocks Fall, US Yields Rise Amid Election Jitters

Live Mint  

Global stock markets are experiencing volatility due to the upcoming U.S. election and the outlook on interest rate cuts. U.S. yields rose, while stocks fell, reflecting market uncertainty. The S&P 500 and Dow Jones Industrial Average finished lower, while the Nasdaq Composite ended higher. The pan-European STOXX 600 index closed down, while MSCI's gauge of stocks across the globe fell.

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts
2 months, 2 weeks ago

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts

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 UK interest rates will almost …

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, …

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