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Sticky inflation has pushed mortgage rates up in recent months, and we likely won't see them trend down until inflation starts decelerating again. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Up (+0.23%)The average 15-year mortgage rate is 6.48%, 23 basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.11%)The average 30-year refinance rate is 7.42%, 11 basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: decelerating, it's, you'll, It's, refinance Organizations: Federal, US, of Economic, Zillow, FHA Locations: Chevron

☆ What a buyer’s agent will do for you when you’re looking for a new home
▼ + stars: | 2024-04-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

The obligations of a buyer’s agent to youLegally and ethically, buyer’s agents have six key obligations to you. Obedience: While they can make recommendations, a buyer’s agent must follow your instructions, assuming you’re not asking them to do anything illegal. Such a body may be known as the real estate commission, the board of real estate or department of real estate. Find out, too, if the agent has availability that will work with your schedule, said David Kent, founder of The Real Buyer’s Agent in Charleston, South Carolina. It also may include what commission you will pay the agent if the seller of a home you buy hasn’t agreed to pay both the listing agent and the buyer’s agent, which is traditionally how it’s been done.

Persons: –, ”, Amy Lessinger, That’s, ” Lessing, Lessinger, else’s, you’re, RESPA, they’re, Jason Abrams, David Kent, Kent, ” Abrams, Abrams Organizations: New, New York CNN, National Association of Realtors, NAR, National Association of Real, Keller Williams Realty Inc Locations: New York, Charleston , South Carolina

High mortgage rates are likely to constrain affordability through the peak homebuying season, which typically lasts from spring to early fall. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)The average 15-year mortgage rate is 6.25%, just a single basis point higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Inch Up (+0.09%)The average 30-year refinance rate is 7.53%, nine basis points higher than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: US, of, CPI, Incoming, Zillow, FHA Locations: Chevron

Until inflation slows further and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are likely to remain elevated. If the latest PCE numbers support the narrative that inflation is remaining stubbornly high, mortgage rates could inch up further. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)The average 15-year mortgage rate is 6.12%, just a single basis point higher than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: Federal Reserve, US, of, Fed, Zillow, FHA Locations: Chevron

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 20-Year Fixed Mortgage Rates Increase (+0.15%)The average 20-year fixed mortgage rate is 15 points up from where it was last week, and is sitting at 6.30%. 15-Year Fixed Mortgage Rates Rise (+0.20%)The average 15-year mortgage rate is 6.11%, up from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Decrease (-0.30%)The average 30-year refinance rate is 7.06%, 30 basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: Federal Reserve, Mortgage Bankers Association, Zillow, FHA Locations: Chevron

☆ Should you refinance your mortgage? Here are three signs it's time, real estate experts say
▼ + stars: | 2024-04-10 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.

Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual

So we could see mortgage rates start trending down more substantially in just a couple of months. As the Fed lowers its benchmark rate, mortgage rates should move down, too. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Inch Up (+0.09%)The average 15-year mortgage rate is 5.87%, up slightly from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Decrease (-0.31%)The average 30-year refinance rate is 7.50%, 31 basis points lower than last week.

Persons: they're, Jerome Powell, they'll, you'll, refinance, It's Organizations: Federal Reserve, Fed, Zillow, FHA Locations: Chevron

☆ Weekly mortgage demand remains stalled, as interest rates stay stubbornly high
▼ + stars: | 2024-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move much last week, and for the second week in a row, neither did mortgage demand. Total mortgage application volume last week was essentially flat, dropping 0.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Elevated mortgage rates continued to weigh down on homebuying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week," noted Joel Kan, an MBA economist. Mortgage rates bounced higher to start this week, after new economic data on manufacturing came in higher than expected and noted higher prices.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: homebuying

Average 30-year mortgage rates have dropped nearly 30 basis points from a week ago, according to Zillow data. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Fall (-0.27%)The current average 30-year fixed mortgage rate is 6.32%, down 27 points from where it was this time last week, according to Zillow data. 15-Year Fixed Mortgage Rates Decrease (-0.33%)The average 15-year mortgage rate is 5.64%, down from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Increase (+0.69%)The average 30-year refinance rate is 7.69%, 69 basis points higher than last week.

Persons: you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron

Setting a down payment goalBefore you can set a down payment goal, you first need to figure out how much you'll need for a lender to approve you for a mortgage. Determining the size of down payment neededThe minimum size of your down payment will depend on the loan program you use. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. But if you can save up a down payment of at least 20% of the home's purchase price, you'll avoid paying PMI (private mortgage insurance), which can reduce your monthly payment. To save for a down payment, create (and stick to) a budget, reduce unnecessary expenses, increase your income through side jobs, automate your savings, and explore down payment assistance programs.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

Though they spiked up earlier this week, mortgage rates have inched down over the past few days and are in line with last week's levels. Once the Fed cuts rates, mortgage rates should start to trend down, too. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Back Below 6% (-0.10%)The average 15-year mortgage rate is 5.93%, down from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: they're, you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron

As inflation slows and the economy balances out, mortgage rates are expected to go down this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Go Up (+0.23%)The current average 30-year fixed mortgage rate is 6.53%, up 23 points from where it was this time last week, according to Zillow data. 15-Year Fixed Mortgage Rates Back Above 6% (+0.23%)The average 15-year mortgage rate is 6.03%, up from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron

First-time homebuyer no down payment programsIt's possible to get a mortgage with no down payment. VA mortgage borrowers enjoy the ability to put no money down and interest rates that are typically lower than conventional mortgage rates. Other low down payment mortgage optionsIf you don't qualify for VA or USDA no down payment home loans, there are other strategies you can use to reduce the down payment you're required to pay. Preparing for the application processTo ensure you qualify for a no down payment mortgage, work on getting your credit score in a good place. Forgoing a down payment may mean paying a higher interest rate and higher monthly payment on your mortgage.

Persons: you'll, Here's who's, Fannie Mae, Freddie Mac Organizations: US Department of Veterans Affairs, US Department of Agriculture, Federal Housing Administration, Federal Housing Finance Agency, USDA, Chevron Locations: homebuyers

High inflation and Federal Reserve interest rates hikes helped push mortgage rates up over the last couple of years. Now that inflation has slowed so much from its June 2022 peak, mortgage rates are expected to go down this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Go Down (-0.33%)The current average 30-year fixed mortgage rate is 6.30%, down 33 points from where it was this time last week, according to Zillow data. 20-Year Fixed Mortgage Rates Fall (-0.29%)The average 20-year fixed mortgage rate is down bit from last week, and is sitting at 6.07%.

Persons: Investing.com, you'll, It's, refinance Organizations: CPI, Zillow, FHA Locations: Chevron

Biden unveiled a plan that includes tax credits and down payment assistance to improve housing affordability. Eligible homebuyers would get this tax credit for two years, meaning you could get a total of $10,000 in tax credits for buying a house. Down payment assistanceAnother piece of Biden's plan for more affordable homeownership is the $25,000 in down payment assistance he wants Congress to provide to first-generation homebuyers. What hopeful homebuyers should knowAs a whole, this plan could substantially improve housing affordability, enabling more Americans to become homeowners. And even for homebuyers who qualify for tax credits or other assistance, saving up for a down payment remains a big barrier to homeownership.

Persons: Biden, —, Dan Green, homebuyers Biden, hasn't, doesn't, Green, Daryl Fairweather, Fairweather, White, homebuyers Organizations: Biden, Service, Federal Housing Finance Agency, Consumer Financial, homebuilders, Loan, Program, Bank of America Mortgage, Democrats

☆ Weekly mortgage demand surges 11% as more homes hit the spring market
▼ + stars: | 2024-03-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Spring hasn't officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. There were 14.8% more homes actively for sale in February compared with the same time last year, according to Realtor.com. Notably, homes priced in the $200,000 to $350,000 range grew by 25% from a year ago, outpacing all other price categories. There are very few borrowers today with rates that are high enough to benefit from a refinance.

Persons: Mike Fratantoni, Danielle Hale, Realtor.com Organizations: Spring, Mortgage, –, MBA's Locations: Hawthorn Woods , Illinois

Mortgage rates are forecast to go down in 2024, but they've actually increased a bit so far this year. Mortgage rates first started rising early in 2022 in response to high inflation and expectations that the Federal Reserve would hike rates to combat price growth. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Inch Down (-0.08%)The current average 30-year fixed mortgage rate is 6.54%, down just eight points from where it was this time last week, according to Zillow data. 15-Year Fixed Mortgage Rates Hold Steady (+0.01%)The average 15-year mortgage rate is 5.94%, just a single point up from last week.

Persons: they've, you'll, It's, refinance Organizations: Treasury, Federal, Zillow, FHA Locations: Chevron

☆ 7% interest rates hit weekly mortgage demand hard
▼ + stars: | 2024-02-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers. Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Fratantoni noted, however, that mortgage demand from buyers looking at newly built homes jumped 19% year over year in January. However, mortgage rates above 7% sure don't help," he added. Mortgage rates moved higher again to start this week, according to a separate survey from Mortgage News Daily.

Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, VA, FHA, Mortgage News

Mortgage rates have been very sensitive to incoming economic data, so we could see rates move up or down on Thursday depending on what this latest inflation report shows. Because we'll likely need to wait at least a few more months for the Fed to start cutting rates, mortgage rates have trended back up as well. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Hold Steady (-0.03%)The average 15-year mortgage rate is 6.00%, just three points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Hold Steady (+0.03%)The average 30-year refinance rate is 7.01%, only three basis points higher than last week.

Persons: they'll, you'll, It's, refinance Organizations: Federal Reserve, Fed, Zillow, FHA Locations: Chevron

FHA loan borrowers struggling to keep up with their mortgage may soon be able to reduce their payments by as much as 25%. The FHA launched the Payment Supplement option in response to high mortgage rates. Lenders can offer the Payment Supplement starting May 1, and they have to start offering it by January 1, 2025. FHA loan borrowers who are struggling to keep up with their mortgage payments will soon have a new option to help them avoid losing their homes to foreclosure. Called the Payment Supplement, this new option can temporarily lower a borrower's monthly payment so they can get back on their feet after a financial hardship.

Persons: —, forbearance, Charles Williams, Percy, you'll, Julia Gordon Organizations: FHA, Service, Finance, Federal, Administration

In its latest forecast, the Mortgage Bankers Association predicts that 30-year mortgage rates will fall to 6.1% by the end of this year. This means we'll likely have to deal with high mortgage rates for at least a few more months. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Back Below 6% (-0.12%)The average 15-year mortgage rate is 5.91%, down just 12 points from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: Mike Fratantoni, MBA's, you'll, It's, refinance Organizations: Mortgage, Association, Survey, Zillow, FHA Locations: Chevron

401(k) withdrawal for a home purchase: Is it a good idea? 401(k) withdrawal rules for buying a homeFirst, you'll need to check with your plan administrator to see if early withdrawals are allowed, and under what circumstances. Tax implications of a 401(k) withdrawal for a home purchaseLet's take a closer look at the penalties and taxes you might incur from a 401(k) home purchase withdrawal. 401(k) loan for buying a houseInstead of withdrawing money from your 401(k), you also have the option to take out a loan. 401(k) withdrawal for a home purchase FAQsIs buying a home considered a hardship for 401(k)?

Persons: you'll, —, You'll, doesn't, Roth, you've, Brian Pirri, Pirri, Chase, Homebuyer Grant Organizations: Service, IRS, Roth IRA, Local, Rocket Mortgage Locations: Massachusetts, Chevron

Mortgage rates rose following the release of the latest Consumer Price Index data, and they remain elevated today. Though the Fed doesn't directly impact mortgage rates, investor expectations of Fed policy moves can push mortgage rates up or down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Up Closer to 7% (+0.24%)The current average 30-year fixed mortgage rate is 6.68%, up 24 points from where it was this time last week. 15-Year Fixed Mortgage Rates Back Above 6% (+0.31%)The average 15-year mortgage rate is 6.05%, up 31 points from last week.

Persons: they've, we'll, you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve, Zillow, FHA Locations: reaccelerate, Chevron

Low-income mortgage borrowers could get a $2,500 homebuyer credit through Fannie Mae or Freddie Mac. Major mortgage investors Fannie Mae and Freddie Mac are temporarily offering a $2,500 credit to very low-income homebuyers to help offset their down payment and closing costs. The Fannie Mae credit is available through the company's HomeReady program, while people can get the Freddie Mac credit through its Home Possible program. Both Fannie Mae and Freddie Mac have tools that let you see the area median income in a given location. How the $2,500 credit worksIf you qualify for this credit, you'll get the $2,500 through your lender, which Fannie Mae or Freddie Mac later reimburses the lender when your loan is sold.

Persons: Fannie Mae, Freddie Mac, —, Freddie, Fannie Mae's, Freddie Mac's, it's, you'll, Fannie, Eileen Tu, Cyndi Danko, You'll Organizations: Service, Rocket Mortgage, National Council of State, Agencies

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Jump Up (+0.43%)The current average 30-year fixed mortgage rate is 6.48%, up 43 points from where it was this time last week. 20-Year Fixed Mortgage Rates Increase (+0.39%)The average 20-year fixed mortgage rate is up quite a bit from last week, and is sitting at 6.22%. 15-Year Fixed Mortgage Rates Go Up (+0.37%)The average 15-year mortgage rate is 5.78%, up 37 points from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Tick Up (+0.19%)The average 30-year refinance rate is 6.26%, just 19 basis points higher than last week.

Persons: you'll, It's, refinance Organizations: Investors, Federal Reserve, Zillow, FHA Locations: Chevron

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