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☆ US home prices rose in February at the fastest pace in more than a year
▼ + stars: | 2024-04-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —US home-price growth accelerated in February at the fastest annual pace since November 2022, a sign that America’s housing market remains tough amid elevated mortgage rates. Of the 20 cities, San Diego saw the biggest increase in home prices in February, a steep 11.4% rise, followed by Chicago and Detroit. America’s housing market began to recover in the beginning the year as home sales surged from decades-lows in the fall and homebuilders began to feel to more upbeat about the economy. Mortgage rates have followed suit, since they track the 10-year yield. Economists don’t expect mortgage rates to drop meaningfully this year, and they could continue to climb if inflation remains stuck.

Persons: homebuilders, Freddie Mac Organizations: Washington CNN, Federal Reserve, National Association of Realtors, Treasury Locations: San Diego, Chicago, Detroit, Portland , Oregon

☆ The spring homebuying season isn’t what it used to be, thanks to the Fed
▼ + stars: | 2024-04-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

All that has caused the spring homebuying season to take a timeout — and could spell trouble for the remainder of the year. Since 1999, more than a third of home sales for the entire year occur between March and June on average, according to Freddie Mac data. Given the Fed is in no rush to cut interest rates, Khater expects mortgage rates to remain elevated for longer. Taken together, all these factors will likely put upward pressure on home prices, Khater and his team said in the report. “Our outlook does depend on mortgage rates, which are creating their own seasonality,” she added.

Persons: That’s, ” Zillow, Nicole Bachaud, “ Buyers, Bachaud, Sam Khater, Freddie Mac, Khater, ” Organizations: New, New York CNN, Federal Reserve, CNN, “, Fed Locations: New York, Texas, Florida

When you miss a mortgage payment, you incur late fees and hurt your credit score. But skipping mortgage payments comes with serious consequences that could include losing your house. Are you finding it hard to make your monthly mortgage payment? This allows you to pause your mortgage payments for a certain amount of time or, in some cases, make reduced payments instead. FAQsWhat should I do first if I realize I can't make my mortgage payment?

Persons: Craig Martin, Christian Mills, Freddie Mac, you've, you'll, it's, Aly J, Yale Aly J, Bob Organizations: Christian, US Department of Housing, Urban, Chevron, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication, Twitter

☆ As home sellers, buyers wait on a Fed cut, here's how mortgage rates have impacted the spring housing market
▼ + stars: | 2024-04-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ending April 25, according to Freddie Mac data via the Federal Reserve. It remains unclear when the Federal Reserve might make its first rate cut. "I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "We might not see rates fall in any meaningful way until [the] later half of this year," he said.

Persons: Freddie Mac, Matthew Walsh, Walsh Organizations: Federal Reserve, Moody's Analytics, Finance

Most major forecasts believe that mortgage rates will ultimately trend down this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.17%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.44% this week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: Fannie Mae, you'll, Freddie Mac, it's Organizations: Reserve, US, of, Zillow, Federal Reserve Locations: Chevron

Mortgage rates should go down later this year, increasing affordability for many hopeful homebuyers. 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. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.17% this week, according to Freddie Mac. 15-year Fixed Mortgage RatesThis week, average 15-year mortgage rates were 6.44%, a five-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Lawrence Yun, homebuyers, you'll, it's Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

☆ Stagflation fears just hit Wall Street. Now for the next crucial report on prices
▼ + stars: | 2024-04-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The Federal Reserve’s favorite inflation reading is due Friday morning. Investors are nervously awaiting the report after first-quarter US GDP came in softer than expected Thursday. Stocks tumbled as the slowdown in GDP, coupled with stubbornly high inflation data, stoked fears of stagflation. Wall Street earlier this year expected that the central bank would ease rates as many as six times in 2024, beginning in March. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report.

Persons: Stocks, ”, Ayako Yoshioka, Janet Yellen, Alessandra Galloni, Alicia Wallace, ” Yellen, “, we’ve, Yellen, Read, Freddie Mac, Bryan Mena, Lawrence Yun Organizations: CNN Business, Bell, New York CNN, Gross, Commerce Department, Atlanta, Fed, Thursday’s, Group, Traders, Bank of America, Reuters, National Association of Realtors Locations: New York, Yellen

Once the Fed starts lowering its benchmark rate, mortgage rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.39% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Mortgage rates were originally forecast to go down this year, but hotter-than-expected inflation data pushed them higher. This means we might not see mortgage rates drop until we get closer to 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 RatesLast week, average 15-year mortgage rates were 6.39%, a 23-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Investors, Zillow Locations: Chevron

We could see mortgage rates start to trend down later this year if incoming data shows that inflation is coming down sustainably. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac, they'll, Sam Khater, Freddie Mac's Organizations: National Association of Realtors, Zillow, Federal Reserve, Fed Locations: February's, Chevron

☆ What stalled this year’s seemingly infallible stock market rally
▼ + stars: | 2024-04-19 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Investors had hoped that corporate earnings would help revive the stalled rally, but a strong start to the season hasn’t been enough to excite investors. The 30-year fixed-rate mortgage averaged 7.10% in the week ending April 18, up from 6.88% the previous week, according to Freddie Mac data released Thursday. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. The Fed doesn’t directly set mortgage rates, but its actions do influence them, and persistently hot inflation readings are keeping the Fed on hold. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year.

Persons: —, hasn’t, Jerome Powell, “, ”, Michael Landsberg, Pierre, Olivier Gourinchas, Israel, Brent, Bryan Mena, Freddie Mac, Sam Khater, Freddie Mac’s, Read, Anna Cooban, Tim Cook, Pham Minh Chinh, Cook, Apple “ Organizations: CNN Business, Bell, New York CNN, Dow Jones, Nasdaq, Federal Reserve, Data, Employers, Fed, Landsberg Bennett, Wealth Management, Monetary Fund, Treasury, Investors, CNN, Federal, China Apple, Vietnamese, Apple Locations: New York, East, Iran, Israel, Syria, Vietnam, China, Hanoi, Beijing

☆ Mortgage rates surge past 7%, reaching highest level since November
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates soared this week, breaching the key 7% threshold and extending America’s home affordability crisis. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. Mortgage rates track the benchmark 10-year Treasury yield, which has risen to its highest level since November at 4.637%. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year. Housing affordability is being stymied not just by high mortgage rates, but also by elevated home prices nationwide.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Lawrence Yun Organizations: Washington CNN —, Federal, National Association of Realtors, Treasury, Index, NAR

☆ Mortgage rates spike above 7% for the first time this year as the market adjusts to delayed Fed cuts
▼ + stars: | 2024-04-18 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

The 30-year fixed-rate mortgage just broke 7% for the first time this year, the highest since November 2023. AdvertisementThe 30-year fixed-rate mortgage just broke 7% for the first time this year, shooting up from 6.88% to 7.10% this week, according to government-sponsored mortgage finance giant Freddie Mac. That marks the highest rate since November 2023 and the biggest weekly surge in almost a year. Meanwhile, the 15-year fixed-rate mortgage spiked to 6.39% from last week's 6.16%, marking a significant uptick from 5.76% a year ago. This story is available exclusively to Business Insider subscribers.

Persons: —, Freddie Mac Organizations: Service, Business

☆ U.S. Mortgage Rates Jump Above 7% for the First Time This Year
▼ + stars: | 2024-04-18 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Mortgage rates rose above 7 percent for the first time this year, crossing a symbolically concerning threshold that threatens to keep millions of potential home buyers and sellers on the sidelines of a U.S. housing market that is increasingly showing signs of slowing. Mortgage rates reached a recent high of nearly 8 percent late last year — a level not seen since 2000. As mortgage rates have risen in recent months, making homeownership costlier for buyers, potential sellers who may feel locked into lower rates on their existing loans have been keeping their houses off the market, in effect pushing prices higher, too. “Potential home buyers are deciding whether to buy before rates rise even more, or hold off in hopes of decreases later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “It remains unclear how many home buyers can withstand increasing rates in the future.”

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, ” Locations: U.S, United States

Does this mean that lower mortgage rates are off the table for 2024? It's possible that mortgage rates will still go down in 2024, but they probably won't start trending down until later in the year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.16% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Average 30-year mortgage rates spiked this week in response to the latest Consumer Price Index data, which came in hotter than expected. If the Fed needs to keep rates higher for longer, mortgage rates will stay high 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 RatesLast week, average 15-year mortgage rates were 6.16%, a 10-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: it's, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

Mortgage rates are a bit lower today, though they're still well above where they started the month. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.16% this week, according to Freddie Mac data, which is a 10-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: they're, Freddie Mac Organizations: Markets, Treasury, Investors, Federal Reserve, Zillow, Fed Locations: February's, Chevron

Average 30-year mortgage rates increased to 6.88% this week, according to Freddie Mac. If this measure shows some slowing in inflation, mortgage rates could inch back down. It's likely that we'll need to wait for more data before it becomes clear how mortgage rates will trend this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments.

Persons: Freddie Mac, It's, Fannie Mae Organizations: Federal Reserve, CPI, of Labor Statistics, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Mortgage rates rise after disappointing March inflation report
▼ + stars: | 2024-04-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates drifted higher this week, and could increase further, in a sign that America’s affordability crisis isn’t letting up. The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and hotter-than-expected inflation readings could keep the central bank from reducing interest rates. That doesn’t bode well for lower mortgage rates, and economists don’t expect rates to fall below 6% this year, especially if the Fed does not end up cutting interest rates. Inventory gains could improve affordabilityMortgage rates are not expected to drop meaningfully this year, but further improvement in housing inventory could improve affordability. A lack of homes has been a longstanding issue keeping America’s housing market unaffordable and is especially frustrating for first-time buyers.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, doesn’t bode, Joe Biden Organizations: Washington CNN —, Federal Reserve, “, Federal, Treasury, National Association of Realtors, Homeowners, Fed

☆ 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

Mortgage rates are expected to drop this year, but so far they've remained near two-decade highs. Based on the current economic outlook, mortgage rates should go down in 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.06% last week, according to Freddie Mac data.

Persons: Freddie Mac, you'll, it's Organizations: of Labor Statistics, Federal Reserve, Fed, Zillow Locations: Chevron

Average 30-year mortgage rates increased to 6.82% last week, according to Freddie Mac. Though it's possible mortgage rates won't ever go that low again, they are expected to drop a bit 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. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.82% last week, according to Freddie Mac. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, you'll, it's Organizations: National Association of Realtors, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

☆ Mortgage-backed securities offer high-quality income and are relatively cheap, UBS says
▼ + stars: | 2024-04-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Investors looking for high-quality income, as well as a bargain, should turn to agency mortgage-backed securities, according to UBS. Agency MBS are debt obligations backed by the government and are issued by agencies such as Fannie Mae, Freddie Mac and Ginnie Mae. However, agency MBS lagged their higher-quality counterparts because they are highly correlated to interest rate volatility, she said. As gross domestic product slowly trends lower, the market will become more comfortable with the likelihood of the Fed cutting rates, Falconio said. Banks, which have been investing excess deposits in Treasurys, will be among those turning to agency MBS, Falconio said.

Persons: Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Falconio, Janus Henderson, Banks Organizations: UBS, CNBC, Agency MBS, Federal Reserve, MBS, SEC, Securities ETF Locations: UBS Americas, Treasurys

Last month, 30-year mortgage rates averaged 6.47%, though they've been trending a bit higher in recent weeks, 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 will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.06% last week, according to Freddie Mac data, which is a five-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: they've, Freddie Mac Organizations: Fed, Investors, Zillow, Federal Reserve Locations: Chevron

This week, 30-year mortgage rates averaged 6.82%, according to Freddie Mac. Though mortgage rates are expected to go down in 2024, when they'll start dropping depends on how inflation trends in the coming months. This has kept mortgage rates elevated. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, they've, Fannie Mae, you'll Organizations: Federal Reserve, Mortgage, Association, Zillow, Sky Locations: Chevron

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