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☆ US home prices climbed in July, but showed a ‘forceful deceleration’
▼ + stars: | 2022-09-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

But the market showed signs of cooling as rising mortgage rates pushed more prospective buyers to the sidelines. On a monthly basis, prices fell 0.2% from June, the first month-over-month decrease for the national index since February 2012. Tampa notched the biggest gains, with home prices rising 31.8% in July from the year before. Higher mortgage rates cooled demandThe home price reports highlight the cooling effect of rising mortgage rates. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise.

☆ Take no prisoners: In the Fed’s inflation fight, no one is spared
▼ + stars: | 2022-09-26 | by ( Christine Romans | ) edition.cnn.com time to read: +5 min

Global central banks are jacking up interest rates with no end in sight until high inflation is vanquished. The Federal Reserve is aggressively fighting inflation by lifting its benchmark interest rate five times so far this year. There isn’t.”Higher interest rates make life more expensive for anyone who borrows money. The higher rates ding home affordability but also might be holding back home sales. Higher interest rates make financing a car — when you can find one — even more expensive.

☆ Unlike recent recessions, office jobs are most at risk of layoffs in the coming economic downturn
▼ + stars: | 2022-09-25 | by ( Ben Winck | Madison Hoff | ) www.businessinsider.com time to read: +8 min

Several blue-collar sectors are set to be protected from layoffs, while white-collar workers are at risk. Lee added to Insider that blue-collar workers like truck drivers used to be the "most vulnerable workers" but "office workers have always been considered protected." White-collar sectors hired quickly after the pandemic, and it could leave workers vulnerable in a downturnRecessions come in all shapes and sizes. Blue-collar jobs are still in demand and need more workersSeveral blue-collar sectors have only just recently recovered or are still making their way back. But not all blue-collar jobs will experience layoffs in the same way.

☆ The pandemic's real estate jobs boom is turning into a bust as layoffs hit
▼ + stars: | 2022-09-24 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +7 min

Some of the biggest players in the real estate industry, including RE/MAX, Redfin and Wells Fargo, have announced layoffs in recent months totaling thousands of jobs. Over that period, 200,000 people became real estate agents, according to data from the National Association of Realtors. Workers in the mortgage industry have been among the hardest hit as demand for refinancing and home sales tumble. Real estate brokers have also been affected, said Ken H. Johnson, a former real estate broker who is now an associate dean at Florida Atlantic University, where he studies the real estate industry. Even in the best of times, it can be a struggle for new brokers to be able to make a full-time living selling real estate.

☆ People and businesses are turning more skittish on real estate, including house hunters wary of buyers' remorse and a big US homebuilder that just walked away from 8,800 contracts
▼ + stars: | 2022-09-23 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

KB Home CEO Jeff Mezger said 35% of buyers canceled purchases last quarter. Relatively high mortgage rates and high prices may make prospective buyers rethink their decisions. One of the largest homebuilders in the US this week blamed a market slowdown on prospective buyers, including itself, getting cold feet. And we really can't control that," Mezger told analysts on the call, according to a Seeking Alpha transcript. Prospective buyers might also be taking their cues from homeowners who have recently taken the plunge.

☆ Rising mortgage rates hit home builders as buyers pull back
▼ + stars: | 2022-09-22 | by ( Paul R. La Monica | Cnn Business | ) edition.cnn.com time to read: +1 min

Mortgage rates have also skyrocketed to their highest level in 14 years. "Sales have clearly been impacted by rising interest rates," Stuart Miller, Lennar's executive chairman, said in the company's earnings release. Miller added that "there remains a significant national shortage of housing, especially workforce housing, and demand remains strong." Lennar also reported that orders for new homes fell 12% from a year ago and that it is trying to "navigate the rebalance between price and interest rates." Mortgage rates are likely to head even higher given the Federal Reserve's series of big interest rate increases and likely plans for even more hikes in the coming months.

☆ Why it's getting even harder to keep a roof over your head
▼ + stars: | 2022-09-22 | by ( Anna Bahney | Cnn Business | ) edition.cnn.com time to read: +6 min

Americans are now spending more than 35% of their median income on monthly principal and interest payments for that newly purchased median-priced home. Historically, Americans spent closer to 25% of median income on payments. Instead, mortgage rates tend to track the yield on the 10-year US Treasury. As investors anticipate the Fed's rate hikes, they often sell government bonds, which sends the yield higher and, with it, mortgage rates. In May, the Biden administration announced a Housing Supply Action Plan to close the affordability gap and ease housing costs.

☆ Mortgage rates rise to nearly 6.3%, the highest level since 2008
▼ + stars: | 2022-09-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Mortgage rates have almost doubled since the start of this year. But now all eyes are on the central bank’s campaign of interest rates hikes in its fight against inflation. “The housing market continues to face headwinds as mortgage rates increase again this week,” said Sam Khater, Freddie Mac’s chief economist. The Fed does not set the interest rates borrowers pay on mortgages directly, but its actions influence them. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise.

☆ The Fed can save the stock market if a recession hits. Experts explain how far the central bank will go with rate hikes – and when it could reverse course.
▼ + stars: | 2022-09-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

As of yesterday, the federal funds rate is now in a range of 3.0% to 3.25% after a third consecutive 75-basis-point rate hike and the fifth increase of the year. But should the unemployment rate rise and company earnings fall enough to kick off a deep recession, a markets-friendly central bank could emerge over the next year, according to Kolanovic. In his view, a Fed pivot won't materialize until the unemployment rate gets closer to 5%. How does the Fed's third outsized rate hike impact your outlook for the economy and for your portfolio? US stock futures struggled for direction early Thursday, as the odds of a soft economic landing dwindled following the Fed's rate hike Wednesday.

☆ U.S. mortgage rates rise to 6.29%, highest in 14 years
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA home for sale sign hangs in front of a house in Oakton in Virginia March 27, 2014./File PhotoSept 22 (Reuters) - U.S. 30-year fixed-rate mortgages rose to 6.29% on Thursday, the highest level since 2008, according to Freddie Mac's mortgage market survey. Last week, rates averaged 6.02%. “The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” said Sam Khater, Freddie Mac’s chief economist in a statement. However, the number of homes for sale remains well below normal levels.”The 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.97% in the latest survey up from 4.93% last week and 2.43% last week. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sinéad Carew; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. mortgage interest rates reach 6.25%, highest level since October 2008
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Sarah Silbiger/File PhotoSept 21 (Reuters) - The average interest rate on the most popular U.S. home loan climbed to its highest level since October 2008, Mortgage Bankers Association (MBA) data showed on Wednesday. Rising mortgage rates are increasingly weighing on the interest-rate-sensitive housing sector as the Federal Reserve pushes on with aggressively lifting borrowing costs in order to tame high inflation. The central bank is set to raise interest rates by three-quarters of a percentage point for a third straight time later on Wednesday. The yield on the 10-year note acts as a benchmark for mortgage rates. The MBA also said its Market Composite Index, a measure of mortgage loan application volume, increased 3.8 percent from a week earlier, but remained well below last year's levels.

This means borrowers can expect high mortgage rates for the foreseeable future. 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. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.

☆ The Fed just made a 'jumbo' interest rate hike of 0.75%—here are 4 things that will be more expensive
▼ + stars: | 2022-09-21 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

By increasing its key interest rate, the central bank discourages spending, which can reduce inflation for the prices for goods and services. When the rate hikes began in early 2022, average APRs were close to 16% and have since climbed to just over 18%. At the start of 2022, the average interest rate on a 60-month new car loan was 3.85%. But with today's increase, the interest rate could nudge up closer to 5.5% to 5.75%, says Bankrate's chief financial analyst Greg McBride. Mortgage rates tend to rise with rate hikes, but they are more directly influenced by the bond market.

☆ 5 things to know before the stock market opens Wednesday
▼ + stars: | 2022-09-21 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

ET, while Chairman Jerome Powell will discuss the central bank's rationale at 2:30 p.m. You can stream it live here at CNBC.com. Putin escalatesRussian President Vladimir Putin delivers a speech during a ceremony to receive letters of credence from newly-appointed foreign ambassadors at the Kremlin in Moscow, Russia, September 20, 2022. Pavel Bednyakov| Sputnik | ReutersRussian President Vladimir Putin said he would call up some of the country's reserves as his invasion of Ukraine runs into setback after setback. Mortgage demand somehow risesReal estate listings Adam Jeffery | CNBCAnother week, another wacky turn in the housing market. In the second quarter, YouTube posted its slowest revenue growth since 2019, when Alphabet started breaking out the unit's sales.

☆ Jay Powell just went full Volcker
▼ + stars: | 2022-09-21 | by ( Allison Morrow | ) edition.cnn.com time to read: +10 min

But in just a few months, that sizable jump has become the norm, and it’s almost certainly sealed Jay Powell’s status as the Paul Volcker of the 2020s. “Chair Powell just announced another extreme interest rate hike while forecasting higher unemployment,” Warren tweeted. Bottom line: Powell continues to draw from the Volcker playbook, which means he’s unlikely to waver on the Fed’s target rate of 2% inflation, lest the central bank’s credibility take another blow. Only time will tell whether that 40-plus-year-old playbook still applies in an economy that’s fundamentally different from the one Volcker confronted. Trump also lied about the square footage of his Trump Tower triplex apartment to inflate the value at over $300 million, James alleges.

☆ Another interest rate hike is coming from the Federal Reserve: Here's how it could affect you
▼ + stars: | 2022-09-19 | by ( Jessica Dickler | ) www.cnbc.com time to read: +6 min

The U.S. central bank has already raised interest rates four times this year, for a total of 2.25 percentage points. As the federal funds rate rises, the prime rate does as well, and credit card rates follow suit. Student loans The interest rate on federal student loans taken out for the 2022-2023 academic year already rose to 4.99%, up from 3.73% last year and 2.75% in 2020-2021. It won't budge until next summer: Congress sets the rate for federal student loans each May for the upcoming academic year based on the 10-year Treasury rate. Of course, anyone with existing education debt should check whether they are eligible for federal student loan forgiveness.

☆ Mortgages and credit cards are about to get even more expensive. It's nothing compared to what we'll see by the end of the year.
▼ + stars: | 2022-09-18 | by ( Ben Winck | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Higher-than-expected inflation in August means the Fed will likely back another jumbo-sized rate hike next week. Rate increases have already made mortgages, car loans, and credit cards much pricier for Americans. Fed officials have been clear that they'll only pull back on their rate hikes once they see "compelling evidence" that inflation is slowing down. And since it usually takes around one year for rate hikes to be fully felt throughout the economy, those tightening effects are set to only get more intense. Fed officials have also made it clear that they want to avoid the biggest risks that come with monetary tightening.

Investors' focus on the Fed's policy rate is understandable, but they should not underestimate how much the Fed's other policy lever - quantitative tightening - could tighten financial conditions and crush asset prices even further. chartBut as the wild post-pandemic gyrations in markets, economic activity, inflation, and policy have shown, no one really knows. Are markets ready for QT to kick in as well? "Fed QT training wheels are off. He estimates that every $100 billion of QT is the equivalent to a 12 bps increase in the policy rate.

☆ Here’s why Hispanic workers could face an outsized hit in a U.S. recession
▼ + stars: | 2022-09-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

Turbulent times may be ahead for Hispanic workers, a new report from Wells Fargo found. The firm expects Latino workers to take an outsized hit if a mild recession happens in 2023, like it is projecting. "The Hispanic unemployment rate tends to rise disproportionately higher than the national average during economic downturns," Wells Fargo chief economist Jay Bryson wrote. For example, from 2006 to 2010, the Hispanic unemployment rate rose about 8 percentage points, while the non-Hispanic jobless rate climbed about 3 percentage points, the firm found. Right now, overall consumer spending is 14% higher than February 2020 and real services spending is up less than 1% during the same time period.

☆ Mortgage rates leap above 6% for the first time in 14 years, further slamming home affordability as construction slows
▼ + stars: | 2022-09-15 | by ( Ben Winck | Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

"Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008," Sam Khater, Freddie Mac's Chief Economist, told Insider. The uptick reverses a recent dip in mortgage rates and makes home purchases even tougher for those perusing the market. Mortgage rates — which are tied to the Fed's benchmark — responded in kind, soaring above the highs seen in late June and fully reversing the summer slump. For home buyers, higher rates will translate to significantly pricier monthly payments on their mortgages. Indeed, data from the Census Bureau shows that higher mortgage rates are turning the US real estate market frigid.

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☆ Mortgage demand drops further as interest rates shoot back to June high
▼ + stars: | 2022-09-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

In June the average rate on the 30-year fixed shot over 6% briefly, and that was enough to turn the once-hot housing market on its heels. Now rates are heading past 6% yet again, causing already beleaguered mortgage demand to fall even further. Mortgage applications to purchase a home dropped 1% for the week and were 23% lower than the same week one year ago. Given today's higher rates, a person buying a $400,000 home would pay close to $700 more per month than they did a year ago. Higher mortgage rates are already cooling home prices, but given how far they rose in the past few years, it will likely take significantly more cooling before affordability fully recovers.

Your mortgage interest rate is based in part on how risky lenders consider you to be as a borrower. When you get a mortgage, your mortgage interest rate can make a big difference in how much you pay each month. Points are a way to lower your interest rate by making a cash payment up front. When it comes to the biggest purchase of your life, even a small interest rate savings can be worth tens of thousands of dollars. Using these steps, you can find the lowest possible interest rate for your finances.

Mortgage interest rates are always changing, and there are a lot of factors that can sway your interest rate. Average mortgage interest rate by stateThe state where you're buying your home could influence your interest rate. Here's the average interest rate by loan type in each state according to data from S&P Global. A mortgage rate, also known as an interest rate, is the fee charged by your lender for loaning you money. In general, you can consider a good mortgage rate to be the average rate in your state or below.

Here are some of the best lenders that offer VA loans and USDA loans with zero down. Best VA loan lendersBest USDA loan lendersFAQsSubscribe to the Select Newsletter! Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees.

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