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After rising rapidly for most of July, mortgage rates are now back down to their lowest levels in three weeks. "As inflation slows, mortgage rates decreased this week," 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 interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 6.78%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06% this week, according to Freddie Mac data.

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

☆ Mortgage rates drop, backing off 7%
▼ + stars: | 2023-07-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates dipped this week, backing off 7% as inflation slows ahead of the Federal Reserve’s rate decision meeting next week. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. “As inflation slows, mortgage rates decreased this week,” 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. But as a result, Jones said, mortgage rates are likely to remain elevated for the time being.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Hannah Jones, Jones, ‘ Organizations: DC CNN, ”, Treasury Locations: Washington, today’s, ’

Mortgage rates spent the first half of July climbing, though there's reason to believe they may ease in the coming weeks. Average 30-year mortgage rates reached 6.96% this week. 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 current average 30-year fixed mortgage rate is 6.96%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.30%, up a bit from the prior week, according to Freddie Mac data.

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

☆ Mortgage rates jump higher, closing in on 7%
▼ + stars: | 2023-07-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates climbed higher this week, inching closer to 7% and reaching their highest level since November. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November. “The strong job market will continue to drive demand in the economy, fuel price increases and contribute to higher inflation,” Xu said. Strong labor market encourages some buyersEven as the average mortgage rate pushed toward 7%, reaching its highest level this year last week, mortgage applications still ticked up a bit, according to the Mortgage Bankers Association.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, ” Xu, Bob Broeksmit, Xu, “ Organizations: DC CNN, Mortgage, Association Locations: Washington

Average 30-year mortgage rates hit 6.81% this week, the highest they've been in eight months, according to Freddie Mac. 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. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.24% right now, 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

☆ U.S. mortgage rates rise to 6.81%, highest level this year, Freddie Mac says
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, July 6 (Reuters) - U.S. 30-year mortgage rates rose to an average of 6.81% this week, the highest level of 2023, according to Freddie Mac's mortgage market survey. Mortgage rates have risen sharply in tandem with the Federal Reserve's aggressive monetary policy stance adopted since last year aimed at curbing inflation. The yield on the 10-year Treasury note , which acts as a benchmark for mortgage rates, jumped above 4% on Thursday after labor market data stoked interest rate hike concerns. These high rates combined with low inventory continue to price many potential homebuyers out of the market," Sam Khater, Freddie Mac's chief economist, said in a statement. Also on Thursday, the Mortgage Bankers Association (MBA) said its market composite index, which measures the volume of U.S. mortgage applications, fell 4.4% from the prior week amid the uptick in mortgage rates.

Persons: Freddie, Freddie Mac, Sam Khater, Freddie Mac's, Chibuike Oguh, Lance Tupper, Daniel Wallis Organizations: YORK, Federal, U.S, Federal Reserve, Mortgage Bankers Association, Thomson Locations: New York

☆ Mortgage rates jump to 6.81%, their highest level this year
▼ + stars: | 2023-07-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates jumped up this week as recent economic data showed inflation remains sticky and the job market is still red hot. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 6, up from 6.71% the week before, according to data from Freddie Mac released Thursday. “Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s chief economist. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Rates ticked up last week, mirroring the trend of the yield on 10-year Treasuries, which are reacting to economic data that suggests stubborn inflation may be stuck at an elevated level.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, “, Xu, homebuyers, Joel Kan Organizations: DC CNN, “, Federal Reserve, Realtor.com, ”, Mortgage, Association Locations: Washington, ”

Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

The average 15-year fixed mortgage rate is also down this week, and is now hovering just above 6%. While lower rates are good news for hopeful homebuyers, mortgage rates still have a long way to fall before many of these buyers will begin to see a tangible increase in affordability. "Mortgage rates slid down again this week but remain elevated compared to this time last year," Sam Khater, Freddie Mac's chief economist, said in a press release. 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: Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

Average 30-year mortgage rates hit 6.69% this week, according to Freddie Mac, down just two basis points from last week. 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 current average 30-year fixed mortgage rate is 6.69%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.10%, up just three basis points from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

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

watch nowWhat the federal funds rate means for youWage growth hasn't been able to keep pace with higher prices for many Americans. Sarah Silbiger | ReutersThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Here's a breakdown of how that affects consumers:Credit cardsSince most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Today's credit card rates are likely as high as they've been in decades.

Persons: Philipson, Sarah Silbiger, that's, Matt Schulz, they're, Freddie Mac, Sam Khater, Freddie Mac's Organizations: Eccles Federal Reserve, Washington , D.C, Reuters, LendingTree, Treasury, Istock, Getty, U.S . Department of Education Locations: Washington ,

☆ Mortgage rates fall for the first time in three weeks
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped this week after a three-week climb, as rates remain volatile amid conflicting economic indicators. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago and have remained over 5% for all but one week during the past year. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. 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.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu, ” Xu, Bob Broeksmit, “ Organizations: DC CNN —, Fed, Federal, Treasury, ”, Mortgage, Association Locations: Washington

See more mortgage rates on Zillow Real Estate on ZillowCurrent Refinance RatesMortgage 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 would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.79%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.18%, an increase from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

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

☆ US mortgage rates climb to their highest level since November
▼ + stars: | 2023-06-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates jumped higher last week as uncertainty about the debt ceiling standoff sent bond yields rising. Mortgage rates tend to be pegged to US Treasury yields, which had been heading higher as America grows ever closer to default. Although the Fed doesn’t have direct control over mortgage rates, higher interest rates tend to push bond yields higher, which also can nudge mortgage rates up. “If the U.S. defaults on its debt, bond investments become riskier, resulting in increased yields and potentially higher mortgage rates. But if mortgage rates remain elevated, sellers looking to wrap up a move during the summer months may be motivated to cut prices.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Joe Biden, Xu, “, George Ratiu, ” Ratiu, Bob Broeksmit, today’s, ” Xu Organizations: Washington CNN, Treasury, Federal, “, Realtor.com, Mortgage, Association Locations: America, U.S

Mortgage rates have been climbing in response to the current negotiations around the US debt ceiling. 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 RatesThe average 30-year fixed mortgage rate is currently 6.57%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is currently 5.97%, according to Freddie Mac data.

Average 30-year mortgage rates increased to 6.39% this week. Stubbornly high mortgage rates have kept many would-be homebuyers out of the market. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Average 30-year mortgage rates decreased four basis points from last week and are now at 6.35%, according to Freddie Mac. This should bode well for the trajectory of mortgage rates over the long-term." As inflation comes down and the economy slows, mortgage rates are expected to continue trending down this year. 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.

☆ Mortgage rates tick down for the second week in a row
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%. “This should bode well for the trajectory of mortgage rates over the long term.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

Average 30-year mortgage rates and 15-year mortgage rates both decreased this week and are now back at the exact same levels they were two weeks ago, 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. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage rates remain volatile, tick down after climbing for two weeks
▼ + stars: | 2023-05-04 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The only thing consistent about mortgage rates right now is that they are volatile in the wake of mixed economic signals and recent bank failures. Mortgage rates ticked down this week, after climbing for two weeks in a row. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Analysts have said that recent bank failures are doing some of the Fed’s work on reducing inflation for it. The move is unlikely to have a big impact on mortgage rates, as the move was already factored in for most investors said Xu.

The bad news: Average 30-year mortgage rates have been increasing over the last two weeks after falling dramatically throughout March and early April, according to Freddie Mac. Average 15-year mortgage rates dropped slightly, but remain elevated compared to where they were a month ago. 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 RatesThe current average 30-year fixed mortgage rate is 6.43%, according to Freddie Mac.

☆ Mortgage rates tick up for the second week in a row
▼ + stars: | 2023-04-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Mortgage rates inched up again this week. Even though rates ticked up for the second week in a row, with the rate of inflation decelerating, mortgage rates should gently decline over the course of the rest of this year, said Sam Khater, Freddie Mac’s chief economist. Still, despite slightly higher rates last week, purchase applications increased last week from the week before, according to the Mortgage Bankers Association. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Buyers who need to buy this spring are going ahead with their mortgage applications, said Broeksmit.

☆ Mortgage rates climb to the highest level in a month
▼ + stars: | 2023-04-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates rose this week, after five weeks of falling. “For the first time in over a month, mortgage rates moved up due to shifting market expectations,” 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. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Last week’s jump in mortgage rates led to a pullback in mortgage applications, as homebuyers remain sensitive to rate movements,” said Bob Broeksmit, CEO of the Mortgage Bankers Association.

☆ Mortgage rates fall for the fourth week in a row
▼ + stars: | 2023-04-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Homebuyers benefited from another week of falling mortgage rates, with the average rate dropping for the fourth week in a row, according to data from Freddie Mac released Thursday. The 30-year fixed-rate mortgage averaged 6.28% in the week ending April 6, down from 6.32% the week before. “Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates tend to move with the 10-year Treasury yield, which ticked up this week, but the spread between the two narrowed as mortgage rates moved down and the market continued to navigate ongoing economic uncertainty.”“Potential buyers continue to face elevated mortgage rates and home prices, making buying less accessible than a year ago,” said Jones. Pent-up housing demand is evident with every gain in affordability, whether it be softening prices or lower mortgage rates.”

"Economic uncertainty continues to bring mortgage rates down," Sam Khater, Freddie Mac's chief economist, said in a press release. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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