Home buyers get some relief as mortgage rates come off 7% highs
2 years ago

Home buyers get some relief as mortgage rates come off 7% highs

LA Times  

A home for sale in the Mission Hills area of Los Angeles in October. “There’s a good chance we have seen the top” in mortgage rates, said Keith Gumbinger, vice president of research firm HSH.com. Home prices have declined recently — about 6% from May in Los Angeles County — largely because higher rates have sapped people’s buying power. If someone bought today’s typically priced home, they’d still have a higher monthly mortgage payment than if they bought the typically priced home at May’s home price peak, since mortgage rates were lower then, according to a Zillow analysis that assumed 20% down in both cases. If prices fall further, or mortgage rates decline further, the typical monthly payment could fall below May’s level.

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History of this topic

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
5 days, 10 hours 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 …

US home sales hit fastest pace since March with more properties up for sale
5 days, 12 hours 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 …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
6 days, 7 hours 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
1 week, 4 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
1 week, 5 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 …

Jump in average fixed mortgage rates recorded in December, says Moneyfacts
2 weeks, 1 day 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
2 weeks, 3 days 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%
2 weeks, 5 days 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?
2 weeks, 5 days 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 …

What’s really behind the surprise surge in house prices?
3 weeks, 1 day ago

What’s really behind the surprise surge in house prices?

The Independent  

Sorry to make a soggy start to the week even more miserable, but it brings bad news for homebuyers. Nationwide recently trumpeted itself as the “first major lender to offer first-time buyers ability to borrow six times income, up to 95 per cent loan-to-value”. “The acceleration in house price growth is surprising, since affordability remains stretched by historic standards, with …

Average rate on a 30-year mortgage in the US slips to 6.81%
3 weeks, 6 days 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 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 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 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 …

US home sales rose in October, notching their first annual gain in more than 3 years
1 month ago

US home sales rose in October, notching their first annual gain in more than 3 years

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in October, the first annual gain in more than three years, with home shoppers encouraged by easing rates and a pickup in properties on the market. Existing home sales rose 3.4% last month, from September, to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors said …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month 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, 1 week 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. …

You need to make $108,000 to afford a home in America
1 month, 1 week ago

You need to make $108,000 to afford a home in America

CNN  

CNN — In most US cities, buying a home now requires a six-figure salary. A household needed to earn $107,700 to afford a new single-family home and pay property taxes and insurance costs in the third quarter of this year, according to a new report from Oxford Economics. San Jose, California, was the least affordable US metro region, with a …

Average rate on a 30-year mortgage in the US rises for 6th straight week
1 month, 2 weeks 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 …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
1 month, 3 weeks 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 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, 1 week 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
2 months, 3 weeks 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 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 …

Will interest rate decline shake up California housing market?
3 months, 1 week 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, 1 week 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, 1 week 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, 1 week 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 …

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year
3 months, 3 weeks ago

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year

Associated Press  

The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year, good news for prospective homebuyers facing home prices near all-time highs. “Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. “Rates are …

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

Fears grow for the future of America's favorite home repair stores
4 months ago

Fears grow for the future of America's favorite home repair stores

Daily Mail  

Concerns about the future of two of America's favorite home improvement stores are growing. CEO Marvin Ellison said that elevated mortgage rates have deterred Americans from moving home and carrying out DIY projects. Home Depot rival Lowe's also cut its annual profit and sales forecasts on Tuesday. Customers are putting off large home renovation projects until loan rates come down …

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving
4 months, 2 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, 2 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
4 months, 3 weeks 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 …

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

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%
5 months, 3 weeks ago

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.25% from 6.16% last week. But mortgage rates could begin …

High interest rates are hurting people. Here’s why it’s worse for Californians
5 months, 3 weeks 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
5 months, 3 weeks 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
5 months, 3 weeks 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
5 months, 3 weeks 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 …

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices
6 months ago

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. “We had low home sales activity, prices are hitting record highs and homes look like they’re still getting multiple offers.” The …

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

They bought homes with the intention to refinance. Now they’re stuck
6 months, 3 weeks ago

They bought homes with the intention to refinance. Now they’re stuck

LA Times  

Steven Wolf, his wife Katherine and their children Rebekah, 4, and Everett, 6, are selling their home they purchased in December 2022. Steven and Katherine Wolf are stuck with an uncomfortable mortgage payment as interest rates haven’t dropped like they predicted. Then, rising mortgage rates and falling home prices prevented many Americans from executing their plan to refinance out of …

US home sales post second straight monthly drop; house prices accelerate
7 months ago

US home sales post second straight monthly drop; house prices accelerate

Live Mint  

* Existing home sales fall 1.9% in April * Housing inventory increases 9% to 1.21 million * Median house price rises 5.7% to $407,600 from year ago By Lucia Mutikani WASHINGTON, May 22 - U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market. Though …

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

In a first, most California houses sell for over $900,000
7 months ago

In a first, most California houses sell for over $900,000

LA Times  

Want a house in California? The statewide median sales price for a previously owned single-family house surpassed $900,000 for the first time in April, a shocking figure that underscores just how unaffordable housing has become across the Golden State. High prices and high rates have created the most unaffordable housing market in a generation, but economists say prices keep rising …

Long-term mortgage rates retreat for second straight week, US average at 7.02%
7 months, 1 week 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 …

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