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☆ Homes are more expensive than ever—here's how much prices have skyrocketed since 1965
▼ + stars: | 2024-05-13 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

If homes seem more expensive than ever, it's because they are — even after adjusting for inflation. U.S. homebuyers are spending more than double to buy a home now than they were in 1965, when the median home price was $20,200, according to U.S. Census data. In 2024 dollars, that works out to roughly $202,215, which is less than half of the $420,800 that a home costs today, per U.S. Census data. With homes selling for a median price of $20,200, a median earner would spend just under three times their income on a home. In 2024, the median annual household income is estimated to be $78,171, according to data consulting firm Motio Research.

Persons: homebuyers Organizations: Motio Research, National Association of Realtors, CNBC Locations: U.S

☆ I live in a bunker with no oven or windows, but it's worth it to save $2,000 a month
▼ + stars: | 2024-05-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Caitlin J., 42, about her experience living in a Southern California bomb shelter. After living on the East Coast for a while, I moved back to Southern California this year. In most Southern California neighborhoods, home prices typically start in the high five to seven figures. The bomb shelter occupies about three-quarters of an acre and spans 1,100 square feet. The first couple of nights in the bomb shelter, I slept for like 12 hours.

Persons: —, Caitlin J, wasn't, Caitlin, I've, I'm, It's, homeownership Organizations: Service, Business Locations: Southern California, Long, East, California, It's, United States, RVs, —

☆ These 15 cities offer the best opportunities for first-time homebuyers with median prices under $292,000 and little competition in the market, according to SmartAsset
▼ + stars: | 2024-05-08 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

It's a difficult time for first-time homebuyers amid poor housing affordability levels. In a recent analysis, SmartAsset ranked 192 US cities for new homebuyer favorability. The ranking considers median home prices, competition levels, and more. This has crushed affordability, putting housing payments at roughly their most expensive levels relative to incomes in four decades. This story is available exclusively to Business Insider subscribers.

Persons: SmartAsset, — Organizations: Service, Business

☆ 'The 30-year fixed-rate mortgage is a uniquely American construct,' analyst says. Here's why
▼ + stars: | 2024-05-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Most U.S. homebuyers taking out a mortgage opt for a 30-year fixed-rate — but they may not realize how unusual that offering is. "The 30-year fixed-rate mortgage is a uniquely American construct," said Greg McBride, chief financial analyst for Bankrate. True to its name, a 30-year fixed spreads out repayment over 30 years, with an interest rate that remains the same for the life of the loan. In 2022, 89% of homebuyers applied for a 30-year mortgage, according to government data analyzed by Homebuyer.com. "If we did not have the dominance of the fixed-rate mortgage in the U.S. residential mortgage market, we would see a much higher level of stress among existing homeowners," McBride said.

Persons: Greg McBride, Jacob Channel, McBride Organizations: homebuyers, Bankrate, LendingTree, Homebuyer.com, Finance Locations: U.S

☆ Corporate earnings solid so far, despite threats from a slowing economy and sticky inflation
▼ + stars: | 2024-04-29 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

Valuations coming down So if earnings are up, why is the S & P off its highs? Today, a month later, 2024 earnings estimates are essentially the same but the multiple has declined to 20.8. The S & P 500 hit a low of 4,117 on Oct. 27 and only recovered when rates came down in early November. There are some big drags on earnings Some companies are seeing large declines in earnings estimates that are weighing on their sectors. When including this one-time item, the S & P 500 earnings growth rate for the first quarter declines to 5.6%, from 8.7%, LSEG has noted.

Persons: Goldman Sachs, JPMorgan Chase, Morgan Stanley, Christopher Suh, Stephen Squeri, Hess, Nick Raich, LSEG, Hal Lawton, Brian Niccol, CNBC's Kate Rogers, Horton, Paul Romanowski, Kimberly, Clark, Michael Hsu Organizations: Companies, Netflix, JPMorgan, GE Aerospace, Caterpillar, Microsoft, Merck, Ford, Waste Management, Royal, Consumer, American Express, Energy, Marathon Petroleum, Apache, Valero Energy, Oil, Occidental Petroleum, Devon Energy, ConocoPhillips, Exxon Mobil, Scout, Bristol Myers Squibb, Karuna Therapeutics, Boeing, Nvidia, Meta, AMD Locations: financials, industrials, Royal Caribbean, North America

☆ A homebuyer's guide to the real-estate revolution
▼ + stars: | 2024-04-23 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Real-estate agents' commissions have fluctuated between 5% and 6% of the sale price for decades, despite advances in technology and an influx of agents. The recent lawsuits, which accused the NAR and some of the country's largest brokerages of conspiring to keep agents' commissions unfairly high, could signal the start of a new era. If sellers aren't paying out commissions to buyers' agents, buyers themselves could end up on the hook. For example, what happens if the seller isn't willing to pay the buyer's agent's commission? In most states, the buyer's agent can technically just rebate that extra money to their client.

Persons: Austin Whitt, Whitt, —, I've, Steve Brobeck, Sabrina Brown, they've, Michael Warren, Sellers, Prentiss Cox, it'll, you've, doesn't, Jack Ryan, Ryan, homebuying, Rob Hahn, Wendy Gilch, Gilch, I'm, it's, David Dworkin, Dworkin, Cox, It's Organizations: Realtors, National Association of Realtors, NAR, Consumer Federation of America, Getty, University of Minnesota, MLS, Consumer Federation of, National Housing Conference, Justice Department Locations: Tennessee, Nashville, America, North Carolina, United Kingdom, Australia

☆ I bought a duplex as my first home. I still have a mortgage, but I only pay around $900 a month and have no regrets.
▼ + stars: | 2024-04-18 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

Dominique Raroha bought a duplex as a first-time homebuyer instead of a traditional house. Over the years stuff was sold off, we built houses, and we were able to subdivide that piece of property. Raroha bought a duplex as her first home. AdvertisementGiven the financial freedom of owning a duplex, buying another makes so much sense. To accomplish buying something like a duplex in this market, it does take years of planning.

Persons: Dominique Raroha, —, Homeownership, South Jersey —, Raroha, It's, I'm, didn't, would've, it's Organizations: Service Locations: Sicklerville , New Jersey, Philadelphia, Voorhees , New Jersey, South Jersey, United States

☆ It's not just Jamie Dimon and Wall Street. Local bank branches have big AI ambitions
▼ + stars: | 2024-04-13 | by ( Kevin Williams | ) www.cnbc.com time to read: +7 min

Naghibi envisions community bank branches with fewer employees and more AI. The bank is also exploring the use of generative AI in software engineering, customer service and ways to boost employee productivity. "Effectively, a small bank's branch will be a wall of screens," he said. But bankers like Naghibi believe AI will allow small banks to become more involved in their communities, and in effect, more human. As a community bank, that is where the edge is."

Persons: Wells Fargo, it's, Christopher Naghibi, Naghibi, Naghibi isn't, Jamie Dimon, JPMorgan Chase, Dimon, Jackie Verkuyl, Slaven Bilac, Smart, Chase, Wells, Bilac, Ken Tumin, Banks, homebuyer, Mickey Marshall Organizations: Foundation Bank, JPMorgan, Security, Community Bank, Independent Community Banking Association Locations: Irvine , California, Stockton , California, San Francisco

☆ Plan to buy a home in the next year or two? Here are 5 steps to take now to get your finances ready
▼ + stars: | 2024-04-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Mortgage lenders will consider lots of different metrics and circumstances when assessing your creditworthiness. Check your credit reports and credit scoresTwo other factors lenders will consider are your credit history and credit score. Kill the credit card debtA key way to improve your credit score is to reduce your credit card debt. “The minute they pull your credit score, it is going to [reflect] what is on my credit card that day,” MBA’s Seiler said. “Because there are many variables that affect an individual consumer’s credit score, we can’t say a specific number of months,” FICO’s Zeibert said.

Persons: ”, Avi Adler, Sara Zuckerman, Margaret Poe, Poe, you’ll, Eddie Seiler, Joe Zeibert, You’re, ” Adler, MBA’s Seiler, ” FICO’s Zeibert, “, ” Seiler, Zuckerman, Adler, ” Zuckerman Organizations: New, New York CNN, Long & Foster, Consumer Financial, Bureau, Mortgage, Association Locations: New York, annualcreditreport.com, TransUnion

☆ I paid just $135,000 for my house when homes in the area are going for twice that. Here's how.
▼ + stars: | 2024-03-31 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +8 min

The couple paid less than usual for the area by going through a community land trust, or CLT. Community land trusts allow low-income homebuyers to purchase homes at a reduced price in exchange for the trust's retaining ownership of the property's land. Community land trusts were an unfamiliar conceptI learned about community land trusts while driving through a neighborhood. It's a community housing organization that offers homebuyer education and also sells affordable homes through a community land trust program. Our lives are much betterWhen buying a land trust home, not only do you have to qualify for the land trust program, but you also have to qualify for a mortgage at the bank.

Persons: Melisa Gomez, Romo, —, It's, Gomez, we're Organizations: Service, Romo, Land Trust Locations: Duluth , Minnesota, Minnesotans, Duluth, Fayetteville , Arkansas, . Duluth, El Salvador, Mexican

☆ Homebuyers' Biggest Mistake: Waiting for Mortgage Rates to Fall
▼ + stars: | 2024-03-27 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Then, as the Federal Reserve began its battle against inflation in 2022, mortgage rates shot up, eventually hitting a 20-year high in October. Over the past decade, there's been a clear correlation between mortgage rates and inventory: When mortgage rates fall, the number of available homes for sale at a given moment shrinks. So, yes, waiting it out until mortgage rates decline sure seems appealing. The Federal Reserve has signaled that it plans to drop borrowing rates this year, which would likely push down mortgage rates. Advertisement"People are focusing on mortgage rates because every week they hear about mortgage rates changing," Doerner of the FHFA told me.

Persons: swiping, there's, Mike Simonsen, Freddie Mac, CoreLogic, —, homebuyers, Redfin, John Burns, Alex Thomas, There's, Will Doerner, Doerner, They're, Simonsen, it's, Jerome Powell Organizations: Federal Reserve, Buyers, Altos Research, Bank of America, John, John Burns Research, Consulting, Federal Housing Finance Agency, Federal, Fed

☆ China pushes banks to speed up approvals of new loans to private developers: Reuters
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +1 min

Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders' asset quality. The property sector in the world's second-largest economy has lurched from one crisis to another since 2021, after a regulatory crackdown on developers' high leverage led to a liquidity crisis. The sources spoke on condition of anonymity because they were not authorized to speak to the media on the subject. Developers and bank statements say banks have been reluctant to grant new loans to property projects, while mostly extending maturity and lowering interest rates of existing loans.

Organizations: Reuters, National Financial Regulatory Administration Locations: Beijing

☆ China officials are reportedly pushing banks to rush loans to cash-strapped real estate developers
▼ + stars: | 2024-03-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +1 min

Officials in China are pushing banks to rush loans for property developers, Reuters reported. The real estate sector is in a downturn, and many lenders are strapped for cash. The move could boost homebuyer sentiment, though it may also decrease lenders' asset quality, per Reuters. AdvertisementOfficials in Beijing are pushing Chinese banks to rush loan approvals for property developers stuck in a prolonged downturn, according to Reuters. China's real estate woes over the last year have spurred concerns of an impending "Lehman moment" amid slumping property values, declining homebuyer sentiment, and a backlog of unfinished construction projects.

Persons: —, Lehman Organizations: Reuters, Service, Business Locations: China, Beijing

☆ Apple's having a rough year
▼ + stars: | 2024-03-24 | by ( Matt Turner | Jordan Parker Erb | ) www.businessinsider.com time to read: +4 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Justin Sullivan/Getty Images; Jenny Chang-Rodriguez/BIThis week's dispatchTaking a bite out of AppleApple's having a rough year. Apple is to blame for Amazon and Microsoft's phone failures, per the DOJ, which also zeroes in on Apple's green text bubbles. It was a tech antitrust lawsuit more than two decades ago that helped create space for Apple's rise.

Persons: —, Justin Sullivan, Jenny Chang, Rodriguez, Tim Cook, Steve Jobs, Apple, Rebecca Zisser, Frazer Harrison, Tyler Le, Goldman Sachs, David Solomon, Patrick Semansky Goldman, Russell Horwitz, Al Schwimmer, Frank Sinatra, Matt Turner, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Apple, Department of Justice, DOJ, Amazon, FTC, Getty, Google, BI, David Solomon AP Locations: China, Palestine, New York

☆ Consumer advocates — and even some Realtors — hail NAR settlement: 'We've opened up the entire industry to competition'
▼ + stars: | 2024-03-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some Realtors, it's a win for homebuyers and sellers. And in the months following Covid-19 pandemic reopenings, the hottest U.S. real estate markets were tipped squarely in favor of sellers. It's the same amount of money, but now the buyer gets money instead of a buyer agent, and they can decide what to do with it." What's more, greater competition for clients is likely to result in lower costs across the board, said Ryan Tomasello, a real estate industry analyst with the Keefe, Bruyette & Woods financial firm.

Persons: it's, Mariya Letdin, Letdin, they'll, Doug Miller, Miller, Ryan Tomasello, Keefe, Tomasello, Phil Crescenzo Jr, Crescenzo Organizations: National Association of Realtors, Realtors, homebuyers, Florida State University's College of Business, NBC News, U.S, NAR, Nation One Mortgage Corp Locations: Alhambra , California, Minnesota, Woods

☆ I was a first-time homebuyer and got scammed out of $167,000 of my life savings
▼ + stars: | 2024-03-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +7 min

Pat and Marisa Lawlor were the victims of real estate wire fraud in 2022. The realizationThe real email came exactly one week after the scammers made off with Lawlor's money, he said. The methodIt turns out that the scammers hacked into the escrow office's email server through a process called business email compromise. With real estate wire fraud, they target mom-and-pop independent brokers, escrow, or title companies like the one we used. We've started a GoFundMe fundraiser to get that money back and raise awareness about real estate wire fraud.

Persons: Pat, Marisa Lawlor, They've, —, Pat Lawlor, Marisa, We'd, San Fernando Valley, Lawlor, That's, it's, It's, we've, We've Organizations: Service, California Association of Realtors, Riverside, States Secret Services Locations: Los Angeles, San Fernando, Riverside County

☆ What a $418 million settlement on home-sale commissions may mean for you
▼ + stars: | 2024-03-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

As proposed, the settlement would have the NAR completely remove commissions from its MLS system by July. watch nowIn the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. What the settlement could mean for homebuyersThe settlement agreement doesn't say that the buyer's agent will not be paid nor that the buyer's agent cannot charge fees. While commission fees are negotiable between involved parties, knowing what cards you have on the table as a homebuyer will be more important now than before. As a result of the settlement, the seller will no longer be responsible for commission fees for a buyer's agent.

Persons: Cobreiro, Cobriero, Amanda Pendleton Organizations: MLS, Zillow, Federal Reserve

Mizuho initiated Home Depot with a buy rating, calling for roughly 10% upside. The bank upgraded shares of the industrial equipment manufacturer to a buy rating. Analyst Manav Gupta also lifted his price target to $170 from his prior target of $152. Analyst Gavin Parsons reiterated his buy rating on the stock and price target of $275. The bank initiated coverage of the home improvement stock at a buy rating, setting a price target of $415.

Persons: Mizuho, Manav Gupta, Howden, Gupta, GTLS, — Lisa Kailai Han, Gavin Parsons, Parsons, Fred Imbert, David Bellinger, Bellinger, Wells Fargo, Aaron Rakers, Goldman Sachs, Toshiya Hari, Bernstein's Stacy Rasgon, Taylor Swift, Jensen, Huang Organizations: CNBC, UBS, Boeing, Nvidia, Industries, YE2026E, Department of Energy, Alaska Airlines, Mizuho, SAP Center, Blackwell, ~$ Locations: Howden, GTLS, Mizuho, San Jose

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

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

☆ Biden proposes $10,000 tax breaks for first-time homebuyers, 'starter home' sellers
▼ + stars: | 2024-03-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Cavan Images | Cavan | Getty ImagesPresident Joe Biden has floated plans to address the country's affordable housing issues, including new tax breaks for first-time homebuyers and "starter home" sellers. "If inflation keeps coming down, mortgage rates will come down as well. Interest rates still near 'multidecade highs'With soaring home prices and mortgage interest rates, 2023 was the least affordable year for homebuyers in more than a decade, according to a report from Redfin. "We're close to multidecade highs for mortgage rates," said Keith Gumbinger, vice president of mortgage website HSH. watch nowThere's a 'housing supply crisis'Of course, higher mortgage interest rates are only one piece of the country's affordable housing puzzle.

Persons: Joe Biden, Biden, I'm, Keith Gumbinger, it's, Janneke Ratcliffe Organizations: Getty, White, Chamber, U.S, Capitol, Washington , D.C, homebuyers, Housing Finance, Center, Urban Institute, Urban Locations: Cavan, seller's, Washington ,, Redfin

☆ 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

☆ The American Dream is under siege
▼ + stars: | 2024-03-02 | by ( Matt Egan | ) edition.cnn.com time to read: +15 min

Parents of young children are making difficult choices to afford child care — or they’re opting to evade it by dropping out of the workforce altogether. Even as the inflation rate has cooled across the US economy, child care remains a sore spot for many families. The weekly price of day care for a toddler surged 9% in 2023, according to Care.com, a marketplace for child care. Of course, Allison is hardly alone in feeling like the American Dream has been more difficult — and expensive — to attain than imagined. “The American dream is being taken away from the younger generation by the housing affordability challenges,” said Lawrence Yun, chief economist at the National Association of Realtors.

Persons: Hana Husković, Price, Hana, Michelle, they'll, ” Hana, “, It’s, they’ll, ’ Allison Powell, Liam Kelly, ” Allison, Allison Powell, Corinne ., ”, Allison, I’ll, homebuyers, Lotfi Karoui, Goldman Sachs, Lawrence Yun, Yun, Priscilla Almodovar, Fannie Mae, ” Almodovar, that’s, Almodovar, they’d, Homebuilding, Mark Zandi, Biden, ” Lael Brainard, Brainard, ” Brainard, ‘, Rachael Gambino, Garrett Mazzeo, Rachael, Deborah Brunswick, John General, ” Rachael, won’t, they’ve, – Organizations: New, New York CNN, Bureau of Labor Statistics, Wall, CNN, Federal, Intercontinental Exchange, ICE, Bloomberg, Getty, Rust Belt, National Association of Realtors, North, NAR, That’s, Baby Boomers, Homeowners, Federal Reserve, Moody’s Analytics, White, National Economic Council, American, Target, Starbucks, Facebook Locations: New York, United States, Atlanta, Peachtree Corners , Georgia, Decatur, Decatur , Georgia, Carolina, Yugoslavia, Italy, Mexico, Oakland , California, Livermore, San Francisco, California, Los Angeles, San Diego, Francisco, Miami, Honolulu, Rust, Des Moines , Iowa, Dayton , Ohio, Cleveland , Ohio, Scranton , Pennsylvania, Los Angeles , California, North America, America, States, Lansdale , Pennsylvania, Philadelphia

Uncertainty around when the Federal Reserve will start cutting rates has kept mortgage rates elevated in recent weeks. This week, average 30-year mortgage rates ticked up four basis points to 6.94%, according to Freddie Mac. Once inflation gets closer to the Fed's 2% target rate and the central bank starts lowering its benchmark rate, mortgage rates should go down. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, we'll, Fannie Mae Organizations: Federal Reserve, homebuying, Commerce Department, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Premarket stocks: Retailers warn Wall Street to expect less shopping this year
▼ + stars: | 2024-03-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Lowe’s: The home improvement giant projected total sales of $84 billion to $85 billion for 2024 in fourth-quarter results reported on Tuesday. Mortgage rates edge closer to 7%, dampening start of spring homebuying seasonUS mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway, reports my colleague Anna Bahney. “Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist, in a statement. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. But in recent weeks, as the market absorbs expectations that the Federal Reserve will not cut its benchmark lending rate until later this year, mortgage rates have trended higher.

Persons: they’re, ”, Marvin Ellison, Macy’s, Tony Spring, Corie Barry, ’, ” Barry, Diksha Madhok, Hanna Ziady, “, Thamashi De Silva, Knight Frank, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater Organizations: CNN Business, Bell, New York CNN — Companies, Federal Reserve, Commerce Department, United States’s, Gross, Capital Economics, “ Locations: New York, That’s, India

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