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Once the Fed is able to start cutting the federal funds rate, mortgage rates should trend 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. 15-Year Fixed Mortgage Rates Go Down (-0.24%)The average 15-year mortgage rate is 6.24%, 24 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.06%)The average 30-year refinance rate is 7.36%, six 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: Jerome Powell, Powell, you'll, It's, refinance Organizations: of Labor Statistics, Investors, Zillow, FHA Locations: Chevron

☆ The US could give homeowners a $980 billion stimulus at no additional cost, 'Oracle of Wall Street' says
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.

Persons: —, Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business

☆ Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
▼ + stars: | 2024-05-02 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +9 min

In a letter to staff, McCarthy said the company needed to implement layoffs because it wouldn't be able to generate sustainable free cash flow with its current cost structure. "Achieving positive [free cash flow] makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in the memo. McCarthy had also expected Peloton to reach positive free cash flow by June — a goal the company said it reached early during its third quarter. In a letter to shareholders, Peloton said it generated $8.6 million in free cash flow but it's unclear how sustainable that number is. The company didn't provide specific guidance on what investors can expect with free cash flow in the quarters ahead but said it does expect to "deliver modest positive free cash flow" in its current quarter.

Persons: Barry McCarthy, McCarthy, Karen Boone, Chris Bruzzo, Jay Hoag, It's, John Foley, hasn't, Goldman Sachs, Boone, Barry, Bruzzo, —, hadn't, Creditsafe, it's, Foley Organizations: Interactive, Allen & Company Sun Valley Conference, Spotify, Netflix, JPMorgan, LSEG, outperformance, CNBC Locations: Sun Valley , Idaho, lockstep

☆ Peloton Chief Executive Steps Down as Company Cuts 15% of Staff
▼ + stars: | 2024-05-02 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Peloton said on Thursday that its chief executive, Barry McCarthy, was stepping down and it would lay off more workers, as it continued to struggle in the fitness market. The connected-fitness company announced disappointing quarterly earnings on Thursday, with revenue down 4 percent from last year. The company, which has not turned a profit since December 2020, is also looking to refinance more than $1 billion in debt. Peloton had a spectacular rise at the start of the pandemic, when gyms and fitness centers closed and consumers were hungry for at-home workout options. But after gyms reopened, Peloton began to face stiffer competition from companies like Bowflex and Lululemon.

Persons: Barry McCarthy, Kevin Dietsch Organizations: Spotify, Netflix

☆ Demand for riskier adjustable-rate mortgages hits highest level of the year, due to rising rates
▼ + stars: | 2024-05-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

When mortgage rates rise, consumers look for any way to lower their monthly payments, and that often leads them to adjustable-rate mortgages (ARMs). These loans offer lower interest rates than their fixed-rate counterparts but are considered riskier. When mortgage rates hit record lows back in 2021, the ARM share of applications was in the 3% range. Meanwhile, the average contract interest rate for 5/1 ARMs decreased to 6.60% from 6.64%. "Inflation remains stubbornly high, and this trend is convincing markets that rates, including mortgage rates, are going to stay higher for longer.

Persons: Mike Fratantoni Organizations: Mortgage, Association, ARM, MBA's, Federal Reserve Locations: Hawthorn Woods , Illinois

Average 30-year mortgage rates continue to hover around 7% after spiking up earlier this month, according to Zillow data. This means we could see mortgage rates improve somewhat as we approach fall. 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. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

Persons: decelerating, Fannie Mae Organizations: Federal, Investors, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

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

Currently, 30-year mortgage rates are above 7%, according to Zillow data. Hotter-than-expected economic data has pushed mortgage rates up this year. This would allow more hopeful homebuyers to enter the market and find a home with an affordable monthly mortgage payment. 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: Fannie Mae, homebuyers, you'll Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

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

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

☆ I downsized to an ADU I built in my Sacramento yard. I pay only $520 toward my mortgage and am saving up for my next home.
▼ + stars: | 2024-04-27 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

One of them sent me an advertisement for CalHFA's ADU grant program that gives eligible Californians $40,000 to cover blueprints, permits, and closing costs to build an ADU on their property. In 2022, I began the process of getting approved for the CalHFA's ADU grant, which was pretty easy. As a result, my mortgage, including my main house and ADU, increased by $1,500 a month — from $1,200 to $2,700. There are two renters living in the main property and my son and I moved into the ADU. Living in the ADU with my son, I only pay $520 of the $2,700 mortgage.

Persons: —, Blanca Barragan, They've, Barragan, I've, I'm Organizations: Service, Business, Habitat, Humanity, Tiny Locations: Sacramento, Blanca, California

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

☆ Mortgage demand drops as interest rates soar over 7%
▼ + stars: | 2024-04-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. As home prices rise along with interest rates, potential buyers' purchasing power are suffering a double whammy. ARMs offer lower rates and can be fixed for up to 10 years, although they are considered riskier. Mortgage rates have eased very slightly so far this week, but there hasn't been much economic data to influence them.

Persons: Joel Kan, hasn't Organizations: Mortgage

Though mortgage rates are currently at a five-month high, they still should ultimately trend down this year. But if inflation remains sticky in the coming months, mortgage rates will likely remain elevated for longer than currently expected. 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. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year.

Persons: Fannie Mae, Hamilton Fout Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Mortgage rates haven't changed much over the last week, but they could move up or down later this week depending on how a couple of big economic reports turn out. If these reports come in hotter than expected, mortgage rates could tick up higher. This index is expected to come in a bit lower than last month's reading, which would be good news for mortgage rates. This means we could see mortgage rates start to trend down in fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Some workers are choosing housing and student loan benefits over a retirement plan, and it says a lot about America's cost-of-living crisis
▼ + stars: | 2024-04-23 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

"Standard benefits, like medical, dental, or vision care, are typically included in most employee benefits plans. "With workers of all ages repaying student debt, student loan assistance should be a key consideration in the enhancement of employee benefit programs," Newcome said. Non-traditional benefits could also convince workers to rethink remote workRethinking employee benefits could also be the key to enticing remote workers back to the office. Additionally, 69% said they would be willing to change their job or career for employer-based housing benefits. As the landscape of employee benefits evolves to meet the changing needs of the workforce, companies are becoming more innovative.

Persons: —, John Newcome, Kelly, Newcome, Boring, Bonds Organizations: Service, Business, Employees, Walmart, SpaceX Locations: Austin, Bastrop

☆ JD Sports to buy U.S. rival Hibbett in $1.08 billion sportswear retail deal
▼ + stars: | 2024-04-23 | by ( ) www.cnbc.com time to read: +2 min

(Photo by May James/SOPA Images/LightRocket via Getty Images)JD Sports Fashion has proposed to buy American athletic fashion retailer Hibbett Inc for about $1.08 billion, the companies said on Tuesday, as Britain's biggest sportswear retailer looks to expand across the southeastern U.S. The deal comes as shares in athletic clothing retailers come under pressure globally after weak outlooks from sports apparel makers such as Nike and Puma. It will pay $87.50 per Hibbett share in cash, representing a premium of about 20% to the U.S. firm's last closing price. JD Sports shares, which have fallen more than 20% so far this year, were up 6% by 0900 GMT. The deal is expected to add to the British firm's earnings in the first full year of ownership, with cost savings expected to be at least $25 million, JD said.

Persons: May James, Foot Locker, Dominic Platt, JD Organizations: UNITED, Getty, Hibbett Inc, Nike, Puma, Adidas, JD Sports, Paris Olympics Locations: UNITED KINGDOM, England, premarket U.S, U.S, North America, Bury, Greater Manchester

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

Basics of how home equity loans workWith a home equity loan, you use your home as collateral for a loan. Home equity loan terms vary, but you usually have anywhere from five to 30 years to repay the loan. Differences between home equity loans and HELOCsHome equity lines of credit (HELOCs) are similar to home equity loans in that they let you borrow from your home's equity. What's the difference between a home equity loan and a home equity line of credit (HELOC)? She covers mortgage rates, refinance rates, mortgage lender reviews, and homebuying for Personal Finance Insider.

Persons: you've, whittle, Molly Grace, Molly, Read, Aly J, Yale Aly J, Bob Organizations: Homeowners, Chevron, Business, Finance, Insider, Rocket Companies, Twitter, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication Locations: Chevron, mgrace@businessinsider.com

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

☆ This couple bought a rundown abandoned house for $1.5 million and plan to make it their forever home: Take a look inside
▼ + stars: | 2024-04-20 | by ( Jenna Phipps | Nick Volkov | ) www.cnbc.com time to read: +6 min

Jenna Phipps and Nick Volkov bought this abandoned property in Vancouver with plans to turn it into their forever home. Jenna Phipps and Nick VolkovThe house was so dilapidated that the realtor had the couple sign a waiver before entering. The house was valued at $3.4 million CAD or $2.5 million USD with an asking price of $2.6 million CAD or $1.9 million USD. The original house was built in 1961 and had been abandoned for years before the couple bought it in 2024. Jenna Phipps and Nick Volkov

Persons: Jenna Phipps, Nick Volkov, Phipps, Volkov Organizations: CNBC, Royal Bank of Canada Locations: Vancouver, Vancouver , British Columbia, Canada

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

☆ Here are some tips for homebuyers to save on costs with newly built homes, experts say
▼ + stars: | 2024-04-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

Buyers of newly built homes can come across a number of sticker shocks. In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Depending on what you're picking, they're adding up the tab," Fuentes said. To save on costs with a new build, it may be in a potential buyer's best interest to hire a contractor later on to add desired finishes, experts say. "Think about those elements that could be easily added at a later date," said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.

Persons: Veronica Fuentes, Fuentes, Angie Hicks Organizations: . Census, Department of Housing, Urban, Finance Locations: U.S, Washington ,

☆ Commercial real estate foreclosures have spiked 117% over the past year
▼ + stars: | 2024-04-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Commercial foreclosures jumped 117% year-to-date in March, data from ATTOM shows. AdvertisementThe commercial real estate market is still struggling, made all the more clear by the rapid upswing in property foreclosures. Foreclosure activity jumped by 117% year-over-year in March, real estate data provider ATTOM reported on Wednesday. While high, commercial foreclosures are still under a 2014 peak of 889. AdvertisementEarlier this month, Fitch Ratings warned of a rising global contagion risk from commercial real-estate losses.

Persons: —, moratoriums, it's, delinquencies, Jamie Woodwell Organizations: Service, Mortgage Bankers Association, Real, Fitch

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