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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 Inch Down (-0.08%)The current average 30-year fixed mortgage rate is 6.91%, down eight basis points since this time last week. 20-Year Fixed Mortgage Rates Decrease (-0.13%)The average 20-year fixed mortgage rate is down 13 basis points from last week and sits at 6.58%. 15-Year Fixed Mortgage Rates Essentially Flat (-0.02%)The average 15-year mortgage rate is 6.29%, down a tiny bit from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.16%)The average 30-year refinance rate is 7.10%, which is down from last week.
Persons: you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
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
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 Are Going Down (-0.30%)The current average 30-year fixed mortgage rate is 6.95%, down 30 basis points since this time last week. 20-Year Fixed Mortgage Rates Inch Down (-0.09%)The average 20-year fixed mortgage rate is down nine basis points from last week and sits at 6.66%. 15-Year Fixed Mortgage Rates Fall (-0.27%)The average 15-year mortgage rate is 6.28%, down from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.28%)The average 30-year refinance rate is 7.33%, which is down from last week.
Persons: you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
And now interest rates have soared to a 20-year high, eroding buying power without — in defiance of normal economic logic — doing much to dent prices. They have been insulated from rising interest rates and, to a degree, from rising consumer prices. Their monthly housing costs are, for the most part, locked in place. Because the interest rate is fixed, homeowners get to freeze their monthly loan payments for as much as three decades, even if inflation picks up or interest rates rise. But because most U.S. mortgages can be paid off early with no penalty, homeowners can simply refinance if rates go down.
Persons: Buyers
Welcome to the (almost) red-hot bond market
  + stars: | 2023-11-15 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Surging mortgage rates over the past few years have sent home loan applications and home sales down sharply. The 30-year fixed rate mortgage was also advancing towards 8% — a level not seen since the dot-com bubble popped in 2000. Those raging Treasury yields brought pain to investors and also increased how much American companies had to pay to service their debts. In fact, Wall Street is struggling to figure out what it means for the timing and scale of future rate cuts.
Persons: , Michael Hartnett, Gina Bolvin, “ We’re, Phillip Wool, Goldman Sachs, Morgan Stanley, Ellen Zentner Organizations: New, New York CNN, New York Federal, Treasury, Dow, Bank of America, Bolvin Wealth Management, Mortgage News, Mortgage, Association, Financial, Consumer, Federal Reserve, Goldman, Fed, UBS, Airlines for America, AAA Locations: New York
Current homeowners and potential homebuyers are responding to lower mortgage rates, albeit slowly. Mortgage demand rose 2.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week," said Joel Kan, MBA's vice president and deputy chief economist. Most borrowers carry much lower interest rates due to the record low rates seen during the first few years of the Covid-19 pandemic. Lower rates may help a little, but still-rising home prices and the still-low supply of homes are bigger hurdles for today's potential buyers.
Persons: Joel Kan Organizations: Mortgage
US bond rally points to more affordable housing market
  + stars: | 2023-11-15 | by ( Amina Niasse | ) www.reuters.com   time to read: +3 min
REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - Growing confidence that U.S. bond yields have hit their peak and could head lower from here looks set to make the housing market more affordable in coming weeks. Some analysts think mortgage rates are positioned to come down even more quickly as the spread between conventional 30-year mortgage rates and the 10-year Treasury yield, now near the largest since the 1980s, normalizes. "That's part of the reason why mortgage rates are so elevated - because of that uncertainty on rates and the volatility of rates," Kiefer said. Reuters GraphicsMeasures of bond market volatility have fallen from earlier this year, and as bond yields show signs of falling further, home affordability may be set to improve. The median mortgage payment has risen steadily since 2022, and is now 11% higher than the current period last year.
Persons: Sarah Silbiger, Freddie Mac, Len Kiefer, Freddie Mac's, Kiefer, Joel Kan, Kan, Amina Niasse, Paul Simao Organizations: REUTERS, Federal, Treasury, Reuters, Mortgage Bankers Association, Thomson Locations: Washington , U.S, Treasuries
The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.
Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California
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 Inch Down (-0.05%)The current average 30-year fixed mortgage rate is 7.25%, down five basis points since this time last week. 20-Year Fixed Mortgage Rates Drop (-0.24%)The average 20-year fixed mortgage rate is down 24 basis points from last week and sits at 6.75%. 15-Year Fixed Mortgage Rates Go Down (-0.06%)The average 15-year mortgage rate is 6.55%, down a bit from last week. 20-Year Fixed Refinance Rates Plummet (-0.32%)The current 20-year fixed refinance rate is 6.84%, which is down compared to a week ago.
Persons: we'll, you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
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
US banking executives talk soft landing, capital rules
  + stars: | 2023-11-08 | by ( ) www.reuters.com   time to read: +3 min
[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.
Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York
Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates are pretty close to where they were at this time last year, so there is not a lot of incentive to refinance. Mortgage rates started the week slightly higher, but this week holds fewer economic events or reports that would influence rates. Last week's combination of the Federal Reserve's pause on interest rates and a lower-than-expected monthly employment report was the perfect storm for the dramatic move lower in rates.
Persons: Joel Kan Organizations: Mortgage, U.S
Mortgage rates have dropped substantially across the board, with 30-year mortgage rates back down to levels we haven't seen since late September. 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 Drop Drastically (-0.53%)The current average 30-year fixed mortgage rate is 7.08%, down a whopping 53 basis points since this time last week. 20-Year Fixed Mortgage Rates Plunge (-0.56%)The average 20-year fixed mortgage rate is down 56 basis points from last week and sits at 6.82%. 15-Year Fixed Mortgage Rates Go Down (-0.35%)The average 15-year mortgage rate is 6.44%, down quite a bit compared to last week.
Persons: we'll, you'll, It's, refinance Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
Market-churning economic news is lacking this week, but that doesn’t mean Wall Street and the economy can rest easy. The political news heats up, with Donald Trump set to testify in his civil fraud trial in New York. And elections take place across the country on Tuesday that could show where the country stands politically one year out from the 2024 election. Meanwhile, a softer-than-expected jobs report on Friday had some analysts saying the economy was headed for a downturn. “The unemployment rate rose just a tenth to 3.9% in October versus September which the BLS called little changed,” he said.
Persons: Donald Trump, State Anthony Blinken, Bond, , Julia Pollak, ” Pollak, ” Chris Rupkey, Powell, ” Powell, Organizations: GOP, Hamas, State, West Bank, Federal Reserve, ZipRecruiter, Fed, Bureau of Labor Statistics, BLS, BCA Research Locations: New York, Miami, Israel, Iraq, Turkey, Washington
A top homebuilder executive shared advice for getting a lower mortgage rate right now. Taylor Morrison's Tawn Kelley suggested borrowing directly from a builder's mortgage arm. AdvertisementAdvertisementHigh mortgage rates have deterred many would-be homebuyers from purchasing a property over the last year. But here may be a glimmer of hope: People may have more luck securing a lower mortgage rate if they buy a new-construction home. Builder incentives include rate buydowns, mortgage rate locks, and forward commitments​​.
Persons: Taylor Morrison's Tawn Kelley, Kelley, , Tawn Kelley, homebuilder Taylor Morrison, Insider's Alex Nicoll, Freddie Mac, Taylor Morrison, ​ ​ Organizations: Service, National Association of Realtors, Mortgage, Finance Locations: balk
Plenty of bond investors have been burned calling a bottom in a selloff that has taken Treasuries to the cusp of an unprecedented third straight year of losses. One potential near-term pitfall is Friday’s U.S. payrolls data, which could revive expectations of Fed hawkishness if they come in stronger than expected. The rise in Treasury yields has reached far beyond the bond market. The S&P 500 is down nearly 8% from its July high, as rising bond yields offer investment competition to equities while threatening to raise the cost of capital for companies. “The market is running with the idea that the Fed is done hiking, which they may or may not be,” he said.
Persons: Jerome Powell nodded, Bonds, , Jack McIntyre, , ” McIntyre, Stanley Druckenmiller, Duquesne, Bond, Josh Emanuel, Powell, We've, Greg Wilensky, Janus Henderson, ” Wilensky, Noah Wise, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: Treasury, Federal, Fed, U.S . Treasury, Brandywine, Janus, Janus Henderson Investors, Allspring Global Investments, Thomson Locations: U.S, Wilshire
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 Slightly (-0.05%)The current average 30-year fixed mortgage rate is 7.63%, down five basis points since this time last week. 20-Year Fixed Mortgage Rates Go Down (-0.12%)The average 20-year fixed mortgage rate is down 12 basis points from last week and sits at 7.41%. 15-Year Fixed Mortgage Rates Barely Inch Down (-0.02%)The average 15-year mortgage rate is 6.87%, nearly flat compared to last week. Mortgage rates have risen throughout 2023, and they're higher than they were in November 2022.
Persons: Fannie Mae, you'll, refinance, It's Organizations: Federal Reserve, Zillow, FHA Locations: Chevron
Depending on their credit score, borrowers could see 30-year mortgage rates between 7.544% and 9.133% on a $300,000 loan, according to myFICO. 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 Inch up Very Slightly (+0.05%)The current average 30-year fixed mortgage rate is 7.68%, up five basis points since this time last week. 20-Year Fixed Mortgage Rates go Down (-0.10%)The average 20-year fixed mortgage rate is down 10 basis points from last week and sits at 7.53%. 15-Year Fixed Mortgage Rates Increase (+0.17%)The average 15-year mortgage rate is 6.89%, an increase from last week.
Persons: Fannie Mae, you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron
The strong GDP report isn't a sign the US has dodged a recession, Mohamed El-Erian said. High interest rates still pose a big threat to households, business, and the US government. AdvertisementAdvertisementWhile the GDP numbers underscore US "exceptionalism," El-Erian said, high interest rates are impacting all corners of the economy, and that's something to watch out for. "Secondly, what's been happening in the interest rate market is really problematic. Expecting interest rates to remain higher for the foreseeable future, the bond market has witnessed a historic sell-off in recent months.
Persons: Mohamed El, Erian, , it's, I've Organizations: Service, Fed, Treasury
Comcast has tried to move investors away from focusing on residential broadband net additions. Additionally, new competition for home broadband from wireless providers such as T-Mobile and Verizon had added to Comcast's lack of residential growth. Since then, Comcast has reported net broadband losses in three of the last five quarters. Comcast executives have pushed investors to focus on broadband's rising average revenue per user (ARPU) growth, driven by price increases, rather than net additions. Comcast's residential broadband ARPU rose 3.9% in the quarter.
Persons: Jason Armstrong Organizations: Comcast, Mobile, Verizon
But after years of trying, the basic structure of buying and selling a home remains pretty much the same. Even if you accept a bit of intricacy, real estate remains a stodgy industry — and regulation is at the core of that resistance to change. Despite the best efforts of would-be disruptors to cut out this middleman, 88% of buyers this year enlisted a real-estate agent, a Zillow survey found. Short of a tech-enabled homebuying nirvana, there are some other changes that could make the process easier for consumers. Saul Klein, an early internet evangelist in the real-estate industry, told me he sees an approaching "paradigm shift."
Persons: that's, you'll, they're, it's, Mike DelPrete, Rob Hahn, DelPrete, aren't, they'd, pocketing, , ClosingCorp, we're, John Berkowitz, hasn't, Berkowitz, They're, Bobby Bryant, Bryant, Rich Barton, Wendy Gilch, Gilch, Saul Klein, Klein, James Rodriguez Organizations: Companies, University of Colorado Boulder, National Association of Realtors, Ojo, Group Inc, Universal Locations: Washington, California, Georgia
"At the current 8% mortgage rate, mortgage payment[s] are 38% of median income," Moody's Analytics chief economist Mark Zandi said. The National Association of Realtors measures affordability through its 34-year old Housing Affordability Index, or HAI. And even if home prices do the decline, that trend won't be sustainable unless America builds millions of more homes. And spreads will likely remain extra-wide until short-term interest rates drop below the rates on longer-term treasuries, Duncan said. "Mortgage rates will not go back to 3% – we'll be lucky if we get back to 5," Yun said.
Persons: , John Burns, maven Mohamed El, Lawrence Yun, Yun, Mark Zandi, That's, Doug Duncan, Fannie, Duncan, Daryl Fairweather, They've, Fairweather, they've, Freddie Mac, , Zandi, it's Organizations: Nurphoto, Getty, National Association of Realtors, John Burns Real Estate Consulting, NAR, Redfin, Allianz, America, Federal Reserve, realtors, Builders, Fed Locations: Florida, Austin , Texas, Boise , Idaho, Fannie Mae, America, New York, California, Phoenix, Tampa, Louisville, Indianapolis, Chicago
Slumping demand and surging mortgage rates are likely to lead to the slowest period for housing sales in 30 years, according to Goldman Sachs. Lurking over all the housing market, though, has been the surge in mortgage rates that have come along with the Federal Reserve's efforts to bring down inflation . Mortgage rates have risen in tandem, rocketing from around 3.8% when the Fed started tightening to more than 7.6% nationally now, according to Freddie Mac data. "We expect this 'lock-in' effect to push existing home sales even lower in the coming months and to limit any rebound next year," Walker wrote. After a robust period in the third quarter, Goldman and most of Wall Street expects GDP growth to slow considerably.
Persons: Goldman Sachs, Goldman, Ronnie Walker, Freddie Mac, Walker Organizations: Federal, Fed Locations: U.S
Inflation and hikes from the Federal Reserve have pushed mortgage rates up to record highs over the past year and a half. Mortgage rates will fall eventually, but there's still a decent amount of uncertainty in the economy. 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: there's, decelerate, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron
watch nowToday's housing market is a toxic mix of high mortgage rates, high prices, tight supply and strangely strong pent-up demand — and it's scaring off buyers and sellers alike. Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. The result was record-low mortgage rates for two solid years. That, ironically, made the housing market even more expensive. They have little desire to trade the 3% rate they currently have for an 8% mortgage rate on a new purchase.
Persons: Matthew Graham, MND's Graham, He's, Lisa Resch, What's, Lawrence Yun, Yun Organizations: Mortgage News, Federal Reserve, National Association of Realtors, Compass, Washington , D.C, NAR, Buyers Locations: Washington ,, Florida, Tampa, Jacksonville, Orlando, Houston , Texas, Memphis , Tennessee, homebuilders, Horton
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