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Mortgage rates have taken a nosedive over the past few weeks as the economy continues to show signs of slowing. Average 30-year mortgage rates fell to 7.44% this week, the lowest they've been since late September, according to Freddie Mac. "For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding," 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. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates are 6.76% this week, a five-basis-point drop from the previous week, according to Freddie Mac data.

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

☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ Mortgage rates plummet by largest amount in a year
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates tumbled this week in the biggest one-week drop since last November. “Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”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. But while mortgage rates remain relatively high, the difference between rates now and what they were a year ago has narrowed, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service. “We are in a new era for mortgage rates, where prospective homebuyers can expect rates to settle above 6%,” said Sturtevant.

Persons: It’s, Freddie Mac, ”, Sam Khater, Freddie Mac’s, Joel Kan, Jiayi Xu, Xu, Realtor.com, Lisa Sturtevant, Sturtevant Organizations: DC CNN —, “, Treasury, Mortgage, Association Locations: Washington

The decline brought the average rate on a 30-year mortgage down to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. And higher yields on 10-year Treasurys tend to push up mortgage rates. The average rate was unchanged from last week at 7.03%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, it’s, Lisa Sturtevant, Bob Broeksmit Organizations: ANGELES, Treasury, U.S, Federal Reserve, Bright MLS, ”, Treasury Department, Mortgage, Association, “ Locations: U.S

☆ The Federal Reserve leaves rates unchanged. Here's what that means for your wallet
▼ + stars: | 2023-11-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

watch nowThe Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday. What the federal funds rate means for youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. To a certain extent, many households have been shielded from the brunt of the Fed's rate hikes so far, House said. As the federal funds rate rose, the prime rate did as well, and credit card rates followed suit. If the 10-year yield stays near 5%, federal student loan interest rates could increase again when they reset in the spring, costing student borrowers even more in interest.

Persons: Brett House, that's, Sung Won Sohn, Sohn, bode, Greg McBride, Sam Khater, Freddie Mac's, Tiffany Hagler, Bankrate, Jacob Channel Organizations: Federal Reserve, Fed, Columbia Business School, Loyola Marymount University, SS Economics, Treasury, Geard, Bloomberg, Getty, Auto Locations: Larchmont , New York

The still-heated economy and uncertainty over whether it will cool sufficiently has pushed mortgage rates up in recent weeks. Average 30-year mortgage rates are closer to 8% than they've been in 23 years, reaching 7.79% this week, according to Freddie Mac. Average 15-year mortgage rates are also extremely high, and have surpassed 7% for the first time since December 2000. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

☆ The Federal Reserve may not hike interest rates next week, but consumers are unlikely to feel any relief
▼ + stars: | 2023-10-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

After the previous rate hikes, the average credit card rate is now more than 20% — an all-time high. Even without a rate hike, APRs may continue to rise, according to according to Matt Schulz, chief credit analyst at LendingTree. As the federal funds rate rose, the prime rate did, as well, and these rates followed suit. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Matt Schulz, Sam Khater, Freddie Mac's Organizations: Reuters, Treasury, Auto

LOS ANGELES (AP) — The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000. The average rate on the benchmark 30-year home loan rose to 7.63% from 7.57% last week, mortgage buyer Freddie Mac said Thursday. The average rate rose to 6.92% from 6.89% last week. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 3.09%. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 1, 2000, when it averaged 7.65%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Bob Broeksmit Organizations: ANGELES, “, Mortgage, Association, ”, Treasury, U.S Locations: U.S

Mortgage rates have started October significantly higher than they were a month ago. Last week, mortgage applications for home purchases dropped to their lowest level since 1995, the Mortgage Bankers Association reported on Wednesday. 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 RatesThis week, the average 30-year fixed mortgage rate is 7.49%, according to Freddie Mac. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Federal, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

LOS ANGELES (AP) — The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers. The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 2.99%. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 8, 2000, when it averaged 7.57%. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: ANGELES, Mortgage, Association, Federal, Treasury, Federal Reserve, U.S Locations: U.S

☆ Mortgage rates climb to 7.49%, hurting home sales
▼ + stars: | 2023-10-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US mortgage rates climbed even higher this week, hitting 7.49% and pushing homeownership further out of reach for would-be homebuyers. “Unsurprisingly, this is pulling back homebuyer demand.”Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign. The central bank has indicated it may keep rates higher for longer, due to stubborn inflation. That has pushed up the 10-year Treasury yield, a key benchmark for mortgage rates. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

Persons: homeownership, Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: DC CNN, Federal, ”, Treasury, National Association of Realtors Locations: Washington

Average 30-year mortgage rates reached a 23-year high of 7.31% this week, according to Freddie Mac. "However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. 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. 30-Year Fixed Mortgage RatesThis week, the average 30-year fixed mortgage rate was 7.31%, according to Freddie Mac.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, it's Organizations: Federal, Zillow Locations: Chevron

Average 30-year mortgage rates increased just one basis point this week to 7.19%, according to Freddie Mac. 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 RatesThis week, the average 30-year fixed mortgage rate was 7.19%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.54% this week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, it's Organizations: Federal Reserve, Zillow Locations: Chevron

☆ The Federal Reserve leaves rates unchanged. Here's how it impacts your money
▼ + stars: | 2023-09-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

As the federal funds rate rose, the prime rate did as well, and credit card rates followed suit. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Already, the average rate for a HELOC is up to 9.12%, the highest in 22 years, according to Bankrate. Student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: that's, Matt Schulz, Sam Khater, Freddie Mac's, Greg McBride Organizations: Treasury, Bankrate.com, LendingTree

☆ The Federal Reserve may not hike interest rates this week. What that means for you
▼ + stars: | 2023-09-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Artistgndphotography | E+ | Getty ImagesThe Federal Reserve is likely to skip an interest rate hike when it meets this week, experts predict. The central bank has already raised interest rates 11 times since last year — the fastest pace of tightening since the early 1980s. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Auto loan rates top 7%Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves.

Persons: Greg McBride, that's, Sam Khater, Freddie Mac's, McBride Organizations: Finance, Money, Homeowners, U.S, Treasury, Auto Locations: LendingTree, Federal

☆ U.S. mortgage rates fall for a second week but hold above 7%
▼ + stars: | 2023-09-07 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 7 (Reuters) - Key U.S. mortgage interest rates fell for a second week but held above 7% and remained near the highest in decades, according to a survey released Thursday by housing finance giant Freddie Mac. The average contract rate on 30-year-fixed-rate mortgages declined to 7.12% as of Thursday from 7.18% the prior week, Freddie Mac said. Mortgage rates climbed steadily over the past two years on the back of the Federal Reserve's rate hikes, and they recently spiked to the highest rate in more than two decades. A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing Rights“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above 7%,” said Sam Khater, chief economist at Freddie Mac.

Persons: Freddie Mac, Sarah Silbiger, ”, Sam Khater, Andrew Flowers, Amina Niasse, Cynthia Osterman Organizations: REUTERS, Appcast Inc, Thomson Locations: Washington , U.S

But the economy has overall been cooling, and mortgage rates should fall further soon in response. 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. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year mortgage rates sit at 6.55% this week, according to Freddie Mac data.

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

☆ US mortgage rates soar to 7.23%, a 22-year high
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US mortgage rates continued to surge this week, rising to their highest level since 2001. The 30-year fixed-rate mortgage averaged 7.23% in the week ending August 24, up from 7.09% the week before, according to data from Freddie Mac released Thursday. Indications of ongoing economic strength will likely keep mortgage rates where they are or send them higher in the short term, said Sam Khater, Freddie Mac’s chief economist. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since June 2001, when it was 7.24%. Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to its lowest level in several decades.

Persons: Freddie Mac, Sam Khater, Freddie Mac’s Organizations: DC CNN Locations: Washington

☆ US 30-year fixed mortgage rate jumps to near 21-1/2-year high
▼ + stars: | 2023-08-17 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. mortgage rates surged this week, with the popular 30-year fixed rate hitting the highest level in more than 21 years, further complicating the housing market outlook. The average 30-year rate shot up to 7.09%, the highest level since April 2002, from 6.96% in the prior week, mortgage finance agency Freddie Mac said on Thursday. But sky-high mortgage rates could temper recent building trends, keeping supply tight and house prices elevated. Higher mortgage rates were blamed for the ebb in confidence among homebuilders in August. "The housing market has been surprisingly resilient, confounding expectations for the last year," said Bright MLS chief economist Lisa Sturtevant.

Persons: Octavio Jones, Freddie Mac, Freddie Mac's, Sam Khater, Lisa Sturtevant, Safiyah Riddle, Diane Craft Organizations: REUTERS, Federal Reserve, U.S, Commerce Department, MLS, Thomson Locations: Tampa , Florida, U.S

☆ Mortgage rates soar to their highest level in 21 years
▼ + stars: | 2023-08-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC (CNN) US mortgage rates surged this week, rising to their highest level in 21 years. The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before , according to data from Freddie Mac released Thursday. This week's average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%. Mortgage rates have spiked during the Federal Reserve's historic rate-hiking campaign sending home affordability to its lowest level in several decades. "The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb," said Sam Khater, Freddie Mac's chief economist.

Persons: Freddie Mac, Sam Khater, Freddie Mac's Organizations: CNN, Treasury Locations: Washington

☆ Mortgage rates rise to just short of 7%
▼ + stars: | 2023-08-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US mortgage rates remained elevated this week, rising for the third week in a row, but stayed just under the market’s 7% threshold. The 30-year fixed-rate mortgage averaged 6.96% in the week ending August 10, up from 6.90% the week before, according to data from Freddie Mac released Thursday. “However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Markets had been waiting for July’s inflation report, released Thursday morning, which showed consumer price hikes rose 3.2% annually, the first increase in 12 months. The Fed also will consider the forthcoming August employment and inflation data prior to the next policy meeting, in September.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu Organizations: DC CNN, Federal Reserve, Index, Fed Locations: Washington

For the second week in a row, average 30-year mortgage rates have jumped — they are now at 6.90%, according to Freddie Mac. Average 15-year mortgage rates also increased to 6.25%. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. 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, Mortgage, Zillow, Association, Sky Locations: Chevron

☆ Mortgage rates climb, edging closer to 7%
▼ + stars: | 2023-08-03 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates jumped this week, climbing closer to 7%. “This development, along with upcoming employment and inflation data, will determine how much mortgage rates may rise in the short term.”Should employment and inflation pick up steam, she said, mortgage rates are likely to continue climbing as markets anticipate further monetary tightening. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Many homeowners held off on listing their home for sale, largely in response to today’s high mortgage rates, Jones said.

Persons: Freddie Mac, Fannie Mae, ”, Sam Khater, Freddie Mac’s, Hannah Jones, Jones, ” Jones, “ Organizations: DC CNN, Federal Reserve, Fitch, U.S, Realtor.com, US Treasury, Treasury Locations: Washington, “

☆ Why so many Americans feel trapped in their homes by their low-rate mortgages
▼ + stars: | 2023-08-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Saul Loeb | AFP | Getty ImagesThe recent spike in mortgage rates has created a so-called golden handcuff effect. For homeowners, a low mortgage rate is similar. Nearly 82% of home shoppers said they felt "locked-in" by their existing low-rate mortgage, according to a recent survey by Realtor.com. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. Mortgage rates may not return to sub-3% levels again anytime soon — if ever.

Persons: Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, Tomas Philipson, Philipson, Saul Loeb, he'd, Zillow, Greg McBride, Sam Khater, Freddie Mac's, Jacob Channel Organizations: University of Chicago, White House Council, Economic Advisers, AFP, Getty, Jacob Channel Locations: Mobile , Alabama, Tennessee, Arlington , Virginia, Bankrate.com, LendingTree

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 Decrease (-0.10%)The current average 30-year fixed mortgage rate is 6.40%, down 10 basis points since this time last week. 20-year Fixed Mortgage Rates Go Up (+0.20%)The average 20-year fixed mortgage rate is up from last week and sits at 6.25%. Mortgage Refinance Rates30-year Fixed Refinance Rates Inch Down (-0.07%)The average 30-year refinance rate is 6.76%, which is just 7 basis points lower compared to last week. 15-year Fixed Refinance Rates Fall (-0.22%)The average 15-year fixed refinance rate is 6.20%, a bit lower than it was last week.

Persons: Freddie Mac, homebuyers, Sam Khater, Freddie Mac's, you'll, refinance, It's Organizations: Federal Reserve, Conference, Zillow Locations: Chevron

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