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Mortgage rates eased for the first time in five weeks, Freddie Mac said Thursday. Easing affordability and improving inventory suggests a gradual thawing of the market. "It's important to remember that rates can vary widely between mortgage lenders so shopping around is essential." However, Capital Economics strategists wrote earlier in the week that easing mortgage rates won't be enough to spark a meaningful, lasting rebound in home demand. Advertisement"Even if mortgage rates fall to 6% as we expect, mortgage rate 'lock in' will continue to curb home moves," Capital Economics strategists wrote in a note.
Persons: Freddie Mac, , — that's, Freddie Mac's, Sam Khater, Jerome Powell, Realtor.com, that's Organizations: Service, Capital
Mortgage rates drop after climbing for four weeks
  + stars: | 2024-03-07 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
Washington, DC CNN —Mortgage rates ticked down slightly this week, a tiny boon to buyers eager to make a move with newly listed homes coming to market. The 30-year fixed-rate mortgage averaged 6.88% in the week ending March 7, down from 6.94% the previous week, according to data from Freddie Mac released Thursday. While mortgage rates are expected to fall further in 2024, Sturtevant added, short-term movements in mortgage rates will likely be influenced by congressional testimony given this week by Federal Reserve Chair Jerome Powell. During his semiannual monetary report to Congress, he indicated there is no rush to cut interest rates with more evidence of cooling inflation. The February jobs report, which will be released Friday, is also likely to have some bearing on mortgage rates.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s, homebuyers, Khater, Redfin, Lisa Sturtevant, ” Sturtevant, Sturtevant, Jerome Powell Organizations: DC CNN —, Mortgage, Association, Federal Housing Administration, Redfin, MLS, Bright MLS, Federal, Congress Locations: Washington
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
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
Washington, DC CNN —Mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Last week, mortgage applications dropped 5.6% from the week before, according to the MBA. Higher home prices pushed loan amounts higher in January, offsetting what was a monthly decline in mortgage rates, said Edward Seiler, MBA’s associate vice president for housing economics.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Mike Fratantoni, Edward Seiler, MBA’s, Lawrence Yun Organizations: DC CNN —, , Federal Reserve, Mortgage, Association, National Association of Realtors Locations: Washington
The economy has been doing surprisingly well so far this year, and it's pushing mortgage rates back up. Average 30-year mortgage rates rose 13 basis points to 6.90% this week, according to Freddie Mac. Average 15-year mortgage rates also increased to 6.29% this week, a 17-point jump. Once the Federal Reserve starts lowering the federal funds rate, mortgage rates are expected to go down as well. 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, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron
Mortgage rates rise for the third week in a row to 6.9%
  + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com   time to read: +3 min
Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%. Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October. Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market. “In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said. “The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.
Persons: Freddie Mac, who’ve, , , Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu Organizations: DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association Locations: Washington
If inflation remains near current levels or looks like it's ticking back up, mortgage rates could climb higher. Average 30-year mortgage rates rose 13 basis points to 6.77% this week, according to Freddie Mac. Once the Fed starts lowering its benchmark rate, the federal funds rate, mortgage rates are expected to go down as well. This means we might not see mortgage rates fall substantially until the second half of 2024. 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, Price, you'll, Fannie Mae Organizations: of Labor Statistics, Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron
Oil prices spiked last month following US-led strikes on Houthi targets in Yemen in response to repeated attacks on commercial ships in the Red Sea. One factor that could be keeping the cap on oil prices is waning demand. “Global oil demand growth is losing momentum,” said the agency in its February report. While global oil demand growth is slowing, supply has stayed relatively strong, potentially putting further downward pressure on oil prices. “Higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand,” said the report.
Persons: Bell, , Donald Trump, Matt Egan, , Trump, Jay Ritter, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit Organizations: CNN Business, Bell, New, New York CNN, West Texas, Brent, International Energy Agency, , shuttering, Federal, US, United Arab Emirates, White, Wall, Trump, Truth Social, Trump Media & Technology Group, Securities and Exchange, Trump Media, SEC, University of Florida, Mortgage Bankers Association Locations: New York, Russia, Ukraine, Yemen, Red, United Kingdom, Japan, Germany, Iraq, United States, Brazil, Guyana, Canada
LOS ANGELES (AP) — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week, pushing the average rate to 6.12% from 5.90% last week. The average rate on a 30-year mortgage remains sharply higher than just two years ago, when it was 3.92%. The cost of financing a home has come down from its most recent peak in late October, when the average rate on a 30-year mortgage hit 7.79%, the highest level since late 2000.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve, U.S Locations: U.S
Mortgage rates rise for the second week, reaching 6.77%
  + stars: | 2024-02-15 | by ( Anna Bahney | ) edition.cnn.com   time to read: +6 min
Washington, DC CNN —After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The addition of needed inventory and the prospect of lower mortgage rates this year may spur buyers to jump into the market. “This spring, buyers are likely to see lower mortgage rates than in the fall of 2023, which may mean more eager buyers in the market,” Jones said.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Broeksmit, Jerome Powell, Hanna Jones, who’ve, Lisa Sturtevant, Jones, Alicia Huey, ” Jones Organizations: DC CNN, , Mortgage Bankers Association, Labor Department, Federal Reserve, Realtor.com, National Association of Home Builders Locations: Washington,
WASHINGTON (AP) — Just a quarter of business economists and analysts expect the United States to fall into recession this year. But respondents to a National Association of Business Economics survey released Monday still expect year-over-year inflation to exceed 2.5% -- above the Federal Reserve’s 2% target – through 2024. But the economy unexpectedly kept growing and employers kept hiring and resisting layoffs despite higher borrowing costs. The Fed has stopped raising rates and has signaled that it expects to reduce rates three times this year. Another 85% are worried about political instability in the United States before or after the Nov. 5 presidential election.
Persons: , ’ ’, Sam Khater, Freddie Mac Organizations: WASHINGTON, National Association of Business Economics, Fed Locations: United States, China, U.S, Taiwan
LOS ANGELES (AP) — The average long-term U.S. mortgage rate eased this week, welcome news for prospective homebuyers as the spring homebuying season approaches. The average rate on a 30-year mortgage fell to 6.63% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.94% from 5.96% last week. The cost of financing a home has been mostly easing in the weeks since the average rate on a 30-year mortgage hit 7.79%, the highest level since late 2000. For now, the average rate on a 30-year mortgage remains sharply higher than just two years ago, when it was 3.55%.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve, U.S, Fed, Wall, Locations: U.S
Average 30-year mortgage rates increased to 6.69% this week, according to Freddie Mac, a nine-point increase from the previous week's average. On a $250,000 mortgage, this would amount to a $1,798 monthly mortgage payment. 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. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.69% last week, according to Freddie Mac. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.
Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae Organizations: Zillow, Federal Reserve, Fed Locations: Chevron
Mortgage rates drop to lowest level since May
  + stars: | 2024-01-18 | by ( Anna Bahney | ) edition.cnn.com   time to read: +2 min
Washington, DC CNN —After moving higher the past two weeks, mortgage rates fell this week, dropping to the their lowest level since May 2023. Mortgage rates remain more than a full percentage point lower than their highest levels of last year: 7.79%. However, he added, as more buyers come in off the sidelines attracted by lower rates, more pressure will be placed on already depleted inventory for sale. “In some markets, however, prices will rise much faster this year.”Still, lower rates can improve affordability by reducing the costs of financing a home. “On a loan to purchase a $400,000 home, a one percentage point decrease in mortgage rates can lead to a $250 drop in the typical monthly payment,” Sturtevant said.
Persons: Freddie Mac, who’ve, , Sam Khater, Freddie Mac’s, Lisa Sturtevant, Sturtevant, ” Sturtevant Organizations: DC CNN, , homebuyers Locations: Washington, DC
The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. The decline, which follows two weeks of increases, brings the average rate down to the lowest level it's been in since late May, when it was 6.57%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, dropping the average rate to 5.76% from 5.87% last week. The decline in mortgage rates has followed a pullback in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Still, at this point, economists generally predict the average rate on a 30-year mortgage going no lower than 6%.
Persons: Freddie Mac, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve Locations: U.S
Dividend stocks could see a revival in 2024
  + stars: | 2024-01-12 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
Dividend stocks fell out of favor in 2023, even as all three major US indexes overcame regional banking turmoil, high interest rates and geopolitical tensions to notch double-digit returns. As interest rates rose to a 22-year high, investors favored bonds at attractive yields over riskier stocks offering smaller payouts. Some traders believe that dividend stocks could make a comeback this year. Larry Adam, chief investment officer at Raymond James, favors dividend stocks in sectors like tech and healthcare for their growth qualities, over traditionally defensive categories like utilities. His firm only invests in dividend stocks that have that growth component, he says.
Persons: , Morgan Stanley, Larry Adam, Raymond James, Adam, Elisabeth Buchwald, John Cochrane, Anna Bahney, Freddie Mac, who’ve, Sam Khater, Freddie Mac’s, Read Organizations: CNN Business, Bell, New York CNN, Mastercard, Companies, Hoover Institute, Locations: New York
Mortgage rates dropped substantially toward the end of last year, but it could be a few months before we see them ease further. This week, average 30-year mortgage rates inched up to 6.66%, according to Freddie Mac, a four-basis-point increase from the week before. Though we may need to wait a bit longer for the Fed to start cutting rates, once it does, mortgage rates should recede somewhat. 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, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron
Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.
Persons: Freddie Mac, who’ve, , Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, , Federal, Treasury Locations: Washington
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 Decline (-0.16%)The current average 30-year fixed mortgage rate is 6.75%, down 16 basis points since this time last week. 20-Year Fixed Mortgage Rates Go Down (-0.18%)The average 20-year fixed mortgage rate is down 18 basis points from last week and sits at 6.40%. 15-Year Fixed Mortgage Rates Decrease (-0.17%)The average 15-year mortgage rate is 6.12%, down a bit from last week. Mortgage rates have risen throughout 2023, and they're higher than they were in November 2022.
Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron
The latest decline brought the average rate on a 30-year mortgage down to 7.22% from 7.29% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is now at the lowest level it’s been in 10 weeks, when it was 7.19%. “Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. The elevated mortgage rates and a near-historic-low supply of homes on the market have held back the housing market this year.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s, Organizations: ANGELES, Mortgage Bankers Association, Treasury, Federal Reserve Locations: U.S
Mortgage rates drop for fifth straight week
  + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com   time to read: +5 min
It’s the fifth straight week rates have moved lower. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.
Persons: Freddie Mac, , Sam Khater, Freddie Mac’s, , Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington
Average 30-year mortgage rates fell to 7.29% this week, 15 basis points down from last week, according to Freddie Mac. "Mortgage rates continued to decrease heading into the Thanksgiving holiday," Sam Khater, Freddie Mac's chief economist, said in a press release. 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. But experts believe the central bank is done raising rates, which means mortgage rates should ease somewhat. Once the Fed cuts rates, mortgage rates should fall even further.
Persons: they've, Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Zillow, Federal Reserve Locations: Chevron
Mortgage rates fall for fourth week but stay above 7%
  + stars: | 2023-11-22 | by ( Anna Bahney | ) edition.cnn.com   time to read: +2 min
Washington, DC CNN —Mortgage rates fell again in the most recent week, as inflation showed signs of slowing. It’s the fourth consecutive week of tumbling rates after rising for seven straight weeks. The average rate rose above 7% in mid-August and since then reached as high as 7.79% at the end of October. “In a few short weeks, mortgage rates have largely erased the sharp climb traversed in October,” said Danielle Hale, Realtor.com’s chief economist. Meanwhile, she added, existing home sales slid to their worst reading since 2010 as home prices rose and mortgage rates pushed the cost of buying even higher.
Persons: Freddie Mac, , , Sam Khater, Freddie Mac’s, Danielle Hale, Hale, homebuyers, ” Hale Organizations: DC CNN — Locations: Washington
The latest decline brought the average rate on a 30-year mortgage down to 7.29% from 7.44% last week, mortgage buyer Freddie Mac said Wednesday. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory,” said Sam Khater, Freddie Mac’s chief economist. Political Cartoons View All 1265 ImagesThe average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. Just four weeks ago, it averaged 7.79% — the highest average on record going back to late 2000. The average rate is now at the lowest level it’s been in nine weeks, when it was 7.19%.
Persons: Freddie Mac, , , Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve Locations: U.S
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