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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

☆ Home prices are forecast to fall in these 34 cities
▼ + stars: | 2024-01-08 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +1 min

There are 34 cities nationwide where, Zillow forecasts, home prices will fall in 2024. Prices are expected to fall the most in San Jose, California, followed by New Orleans. Zillow predicts home prices will fall in 34 of the 50 largest US cities from November 2023 to November 2024. The forecast is based on Zillow's Home Value Index, which Zillow says represents the "typical home value for a region." Home prices fall for a variety of reasons.

Persons: —, Zillow Organizations: Service, Business Locations: Texas, Tennessee, San Jose , California, New Orleans

☆ Mortgage rate decline pulls buyers back into the housing market
▼ + stars: | 2024-01-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

watch nowA sharp drop in mortgage interest rates in December may have kickstarted this year's spring housing market early. Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie Mae. "This significant shift in consumer expectations comes on the heels of the recent bond market rally," said Palim. "Notably, homeowners and higher-income groups reported greater rate optimism than renters." The average rate on the 30-year fixed has been on a wild ride since the start of the Covid pandemic.

Persons: Fannie Mae, Mark Palim, Ryan Paredes, Ariadna Paredes, Ryan Ratliff, Joe Raedle, Paul Legere Organizations: Max Advance Realty, Getty, . Washington , D.C Locations: Cutler Bay , Florida, . Washington ,

☆ From interest rates to home demand, here's how the housing market will unfold in 2024, according to LendingTree
▼ + stars: | 2024-01-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Here's what the real estate firm expects for the housing market over the next 12 months. AdvertisementSoftening lock-in effectIn the last two years, homeowners have been unwilling to sell their homes because of the lower mortgage rates they secured previously. AdvertisementNo housing market crashLow rates could spark some additional homebuying, but demand will ultimately stay muted and the market will "continue to move sluggishly," according to LendingTree. A separate November survey from LendingTree found that 41% of Americans at the time expected the housing market to crash in 2024. At the same time, LendingTree maintains that the housing market will stay "prohibitively expensive" for Americans, regardless of how rates move.

Persons: —, Jacob Channel, LendingTree Organizations: Service, Business, Federal

☆ Mortgages, auto loans, credit cards: Expert predictions for interest rates in 2024
▼ + stars: | 2024-01-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"We are in a high interest rate environment, and we're going to be in a high interest rate environment a year from now," he said. Prediction: Mortgage rates decline to 5.75%Thanks to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin. McBride also expects mortgage rates to continue to ease in 2024 but not return to their pandemic-era lows. Prediction: Auto loan rates edge down to 7%When it comes to their cars, more consumers are facing monthly payments that they can barely afford, thanks to higher vehicle prices and elevated interest rates on new loans. "It will still be a banner year for savers when those returns are measured against a lower inflation rate," McBride said.

Persons: Tim Quinlan, Greg McBride, McBride, Bankrate Organizations: Finance, Fed, CNBC PRO, CNBC, YouTube Locations: Wells Fargo

☆ Virtual-reality tech is helping real-estate agents and homebuyers save time and close deals — even remotely
▼ + stars: | 2023-12-14 | by ( Ngozi Nwanji | ) www.businessinsider.com time to read: +6 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIn a world filled with news about seemingly endless types of emerging technology, virtual-reality, or VR, tech has become a tool that many businesses are leveraging. Research from Goldman Sachs estimated that 130,000 real-estate agents used VR to show homes in 2020, per Encora. Indeed, virtual tours were key to keeping the real-estate market alive while COVID-19 restrictions were in place. For properties that have a Matterport virtual tour available, people can "enter VR" and move within the virtual space online, Bowerman told BI.

Persons: —, it's, Goldman Sachs, Isamar Troncoso, homebuying James Bowerman, Bowerman, you'll, hadn't, Patricio Navarro, Navarro, there's Organizations: Realtors, realtors, Service, Grand View Research, VR, Research, Goldman, Harvard Business School, Real Creative Group, Compass, Property Locations: Matterport, Maryland, Miami, New York City

Mortgage rates have been steadily trending down for over a month now, and they plunged even further last week. As long as inflation continues to decelerate, mortgage rates should go down in 2024. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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.

Persons: Fannie Mae Organizations: Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates fell dramatically last month, and they could drop further in 2024. Today, average 30-year mortgage rates are nearly 80 basis points down from where they were a month ago. As inflation continues to slow, mortgage rates should come down even more. This means that as long as inflation keeps decelerating, mortgage rates should come down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Jerome Powell, Powell, you'll, Fannie Mae Organizations: Spelman College, Zillow, Mortgage, Association, Sky Locations: Atlanta, Chevron

☆ Nashville's real estate boom has builders scrambling and residents facing sky high prices
▼ + stars: | 2023-11-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +6 min

The Nashville building boom is in full effect, despite higher interest rates, higher home prices and a weaker national economy. During the Great Recession after the 2008 financial crisis, workers were looking for an urban vibe but with cheaper housing. While home prices nationally are up 47% from the start of the pandemic, Nashville prices are up 55%, according to ICE Mortgage Technology. "What we're seeing housing prices and rents go to is very foreign to what they would call affordable," said Eldridge. Gallagher has been working in Nashville's commercial real estate sector since moving to the city over a decade ago.

Persons: We've, John Eldridge, Eldridge, John Burns, CNBC he's, haven't, It's, Madison Cartularo, I've, Cartularo, Janelle Gallagher, Nashville . Gallagher, she's, that's, Gallagher, Bill Lee Organizations: Istock, Getty Images Nashville, E3 Construction, John Burns Research, Consulting, CNBC, Nashville, ICE Mortgage Technology, ICE, CBRE Locations: Nashville , Tennessee, Nashville, Los Angeles, Redfin, United States, New Yorker, Tennessee

☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

Average 30-year mortgage rates continue to hover right around 7%, which is significantly lower compared to where they were a month ago. Once we get a clearer picture of when the Fed might start seriously considering cutting rates, mortgage rates could fall further. 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 RatesAverage 15-year mortgage rates were 6.67% last week, according to Freddie Mac data, which is a nine-basis-point drop from last week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac Organizations: Fed, Mortgage, Zillow Locations: Chevron

Mortgage rates are down substantially from last month, already potentially providing some monthly savings for borrowers. Average 30-year mortgage rates hit a low of 6.91% this month, which is 87 basis points down compared to where rates peaked in October. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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.

Persons: Fannie Mae Organizations: Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates dropped significantly this month, with 30-year mortgage rates hovering right around 7% after spiking close to 8% in October. As the broader economy continues to normalize, mortgage rates should trend down even further, increasing affordability for borrowers. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

Mortgage rates dropped more than 30 basis points across multiple terms last week, and they remain low today. Economic data shows inflation is slowing and the labor market is cooling, which has helped push mortgage rates down in recent weeks. In its November forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will fall to 6.1% by the end of 2024 and 5.5% by the end of 2025. 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.

Persons: Fannie Mae Organizations: Mortgage Bankers Association, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates have dropped quite a bit so far this month, with 30-year mortgage rates hovering right around 7% after spiking close to 8% in October. As things continue to normalize, mortgage rates should continue to trend down. Cooler economic data is good news for mortgage rates, because it means that the once-overheated economy is coming back into balance. Sky-high inflation has helped push mortgage rates up over the past couple of years, and as it decelerates, mortgage rates should come down further. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

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

☆ Spiking mortgage rates are pricing poorer Americans out of the housing market – with a third of all homes bought in cash, Redfin says
▼ + stars: | 2023-11-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Mortgage rates have soared north of 7% in recent months, driven higher by the Federal Reserve's war on inflation. One-in-three homebuyers are paying all-cash rather than taking out a mortgage, according to data from Redfin. AdvertisementMore than a third of homes are being bought in cash, according to data from Redfin, with low affordability and high mortgage rates pricing poorer Americans out of the housing market. That's a sign that wealthier Americans are making up a greater share of homebuyers with sky-high mortgage rates pricing out the rest of the population, Redfin said. Existing homeowners have also opted to cling to the historically low mortgage rates they locked in over the last 15 years.

Persons: —, Redfin, Dana Anderson, Freddie Mac Organizations: Federal, Service, National Association of Realtors, Business Locations: That's

Inflation cooled in October, which is a sign that mortgage borrowers may soon be able to take advantage of significantly lower mortgage rates. Average 30-year mortgage rates are currently down around 20 basis points from where they started the month, and they could fall further soon. Plus, mortgage rates could fall more substantially next year if the Fed decides to cut rates, which is starting to look more likely. 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: Fannie Mae Organizations: of Labor Statistics, CPI, Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates have ticked up a bit this week, but they're still down significantly compared to last month. Cooler economic data is good news for mortgage rates, because it means that the once-overheated economy is normalizing. Over the past couple of years, sky-high inflation has helped push up mortgage rates, and as inflation decelerates, mortgage rates should come down further. 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're, you've, you'll, Fannie Mae Organizations: Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ Here’s how much you need to make to afford a home in America
▼ + stars: | 2023-11-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. The age of the typical repeat buyer also dropped slightly to 58 from an all-time high of 59 last year. In comparison, the typical downpayment for repeat buyers was 19%, which is the highest share since 2005, when the typical downpayment was 21%. First-time buyers increased their reliance on financial assets this year, which grew to 24% from 20% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race.

Persons: ”, Jessica Lautz, today’s, homebuyers, downpayment, Homebuyers, “ Organizations: DC CNN, National Association of Realtors, Census Locations: Washington, United, United States

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

After spiking close to 8% last month, 30-year mortgage rates have finally trended down a bit. Once the Fed starts cutting, mortgage rates should fall more substantially. 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: you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

Almost all mortgage rates are down since this time last week, and since a month ago. ARMs weren't very popular when mortgage rates were at all-time lows, because people wanted to lock in their great rates for their entire mortgage terms — in fact, ARM rates were higher than fixed rates not so long 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 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: Fannie Mae Organizations: ARM, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

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

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