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☆ Mortgage rates top 7% for the first time since 2002
  + stars: | 2022-10-27 | by ( Anna Bahney | ) edition.cnn.com   time to read: +1 min
Mortgage rates rose again this week, topping 7% for the first time since 2002. The 30-year fixed-rate mortgage averaged 7.08% in the week ending October 27, up from 6.94% the week before, according to Freddie Mac. The last time the average rate surpassed 7% was in April 2002. Mortgage rates have risen almost every week since late August and more than doubled since the beginning of the year. The combination of the central bank’s rate hikes, investor’s concerns about a recession and mixed economic news has made mortgage rates increasingly volatile over the past several months.
☆ How much you'd pay per month for a typical home in 6 US cities where prices have fallen but mortgage rates are on the rise
  + stars: | 2022-10-25 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +3 min
Insider compared the typical monthly payment on homes in six US cities where prices are falling. It's part of the housing market's cooldown. Freddie Mac indicates that the average rate on a 30-year fixed-rate mortgage is at its highest since April 2002. But if they bought a home now, when the typical home value is $553,280, and locked in a rate of 6.94%, their monthly payment would jump to nearly $2,927. Read on to see how mortgage rates are affecting housing affordability in other parts of the country.
☆ Today's mortgage and refinance rates: October 22, 2022 | Rates slow as more buyers drop out of the market
  + stars: | 2022-10-22 | by ( Molly Grace | Laura Grace Tarpley | Mortgage Reporter | ) www.businessinsider.com   time to read: +6 min
Average 30-year fixed mortgage rates increased slightly this week, according to Freddie Mac. The housing market has been slowing for some time now as high mortgage rates combined with high prices have pushed many buyers out of the market. 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 6.94%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 6.23%, an increase from the prior week, according to Freddie Mac data.
☆ Mortgage rates rise again, creeping closer to 7%
  + stars: | 2022-10-20 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
Mortgage rates have more than doubled since the beginning of this year as the Federal Reserve pushed ahead with its unprecedented campaign of hiking interest rates in order to tame soaring inflation. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they make moves which send yields higher and mortgage rates rise. This week, the 10-year US Treasury hit a high not seen since 2008, an indication that mortgage rates could rise even further. Affordability remains a challengeHigher mortgage rates are making it even harder for prospective buyers to afford a home.
☆ The 'bubbliest' housing market in Canada with a median home price is $1.2 million is a grim preview of what could happen in US cities
  + stars: | 2022-10-18 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
Canada's formerly hot housing market has rapidly cooled, especially in Toronto. That's because, similarly to the US, soaring home prices and mortgage rates have slowed demand. While prices are now falling, buyers face high mortgage rates as the Bank of Canada's fight against inflation rages on. This has offset affordability gains, resulting in fewer home sales and reduced new home construction — and ultimately a housing market in disarray. The US housing market is becoming increasingly cold.
☆ Today's mortgage and refinance rates: October 15, 2022 | Rates highest they've been in 20 years
  + stars: | 2022-10-15 | by ( Molly Grace | Laura Grace Tarpley | Mortgage Reporter | ) www.businessinsider.com   time to read: +4 min
Mortgage rates have been increasing over the past couple of months after briefly dropping this summer. 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. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.
☆ Premarket stocks: A 'tectonic shift' in global wealth that will take years to recover from
  + stars: | 2022-10-14 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Investors could be betting that the stronger-than-expected inflation report means price increases are near their peak. “The context of rising interest rates and the higher cost of living could pose a risk to household balance sheets,” reported researchers. The takeaway: Allianz calls these changes a “tectonic shift” in global wealth that will take years to recover from. Mortgage rates hit a 20-year highMortgage rates in the US rose again this week — inching even closer to 7%. Today, a homeowner buying the same-priced house with an average rate of 6.92% would pay $2,059 a month in principal and interest.
☆ Inflation: Is the Fed losing the war?
  + stars: | 2022-10-13 | by ( Allison Morrow | ) edition.cnn.com   time to read: +6 min
“This inflation report today was an unmitigated disaster,” wrote Christopher S. Rupkey, chief economist at Fwdbonds, a financial markets research company. Is the Fed losing the fight against inflation? But the effects of rate hikes can take months to be felt in the real economy. But the Fed is “losing the war” when it comes to price hikes for the services sector. Ultimately, some say the problem of pandemic-era inflation is just too complex to be fixed with the Fed’s blunt tools.
☆ The Fed is losing the war against inflation
  + stars: | 2022-10-13 | by ( Allison Morrow | ) edition.cnn.com   time to read: +6 min
“This inflation report today was an unmitigated disaster,” wrote Christopher S. Rupkey, chief economist at Fwdbonds, a financial markets research company. Is the Fed losing the fight against inflation? But the effects of rate hikes can take months to be felt in the real economy. But the Fed is “losing the war” when it comes to price hikes for the services sector. Ultimately, some say the problem of pandemic-era inflation is just too complex to be fixed with the Fed’s blunt tools.
☆ Economists predict home prices will fall, even if the US avoids a recession
  + stars: | 2022-10-12 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
It means US home prices are now on a downward trajectory even if the economy avoids a recession. It could mean home prices will fall in the coming months, even if the US avoids a recession. Inflationary pressures have had the opposite impact on rental prices, which continue to climb — although growth is now moderating. "The uncertainty and volatility in financial markets is heavily impacting mortgage rates," Sam Khater, the chief economist at Freddie Mac told Insider. In a separate statement, Khater said that "impacted by higher rates, house prices are softening," and home sales are falling.
☆ Mortgage rates surge, closing in on 7%
  + stars: | 2022-09-29 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
Mortgage rates have more than doubled since the start of this year as inflation soared and led the Federal Reserve to hike borrowing costs. “The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise. “The huge surge in mortgage rates over the last nine months has squashed many buyers’ budgets, leading to a significant pullback in transactions,” said Ratiu.
☆ Spring and summer 2023 will finally be a good time to buy a home
  + stars: | 2022-09-27 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +3 min
Inflation and interest rate hikes have made it even more expensive to buy a home. In addition, a slowing economy overall could bring 30-year mortgage rates back down. As economic volatility further seeps into the US real estate market, housing activity is fading fast. That's because inflation and interest rate hikes have dampened affordability for many would-be shoppers, leading to a steady decline in buyer demand. This combination of cooling prices and declining mortgage rates could indicate the typically busy real estate seasons of spring and summer could ring in a more affordable housing market in 2023.
☆ U.S. mortgage rates rise to 6.29%, highest in 14 years
  + stars: | 2022-09-22 | by ( ) www.reuters.com   time to read: +1 min
Register now for FREE unlimited access to Reuters.com RegisterA home for sale sign hangs in front of a house in Oakton in Virginia March 27, 2014./File PhotoSept 22 (Reuters) - U.S. 30-year fixed-rate mortgages rose to 6.29% on Thursday, the highest level since 2008, according to Freddie Mac's mortgage market survey. Last week, rates averaged 6.02%. “The housing market continues to face headwinds as mortgage rates increase again this week, following the 10-year Treasury yield’s jump to its highest level since 2011,” said Sam Khater, Freddie Mac’s chief economist in a statement. However, the number of homes for sale remains well below normal levels.”The 5-year Treasury indexed hybrid adjustable-rate mortgage averaged 4.97% in the latest survey up from 4.93% last week and 2.43% last week. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sinéad Carew; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
☆ Mortgage rates rise to nearly 6.3%, the highest level since 2008
  + stars: | 2022-09-22 | by ( Anna Bahney | ) edition.cnn.com   time to read: +4 min
Mortgage rates have almost doubled since the start of this year. But now all eyes are on the central bank’s campaign of interest rates hikes in its fight against inflation. “The housing market continues to face headwinds as mortgage rates increase again this week,” said Sam Khater, Freddie Mac’s chief economist. The Fed does not set the interest rates borrowers pay on mortgages directly, but its actions influence them. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise.
☆ Housing prices have hit a 30-year high, but don't expect Congress to help anytime soon
  + stars: | 2022-09-17 | by ( Joseph Zeballos-Roig | Alcynna Lloyd | ) www.businessinsider.com   time to read: +6 min
It seems unlikely that Congress will step in anytime soon to provide housing relief for Americans. But that was only a brief reprieve from a housing market crisis brewing in the US for decades. Soaring housing and rent prices made up a large portion of the increases in the latest inflation report released on Tuesday. "There's all this chaos in the housing market," Williams said. "The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market," Sam Khater, Freddie Mac's chief economist, told Insider.
☆ Today's mortgage and refinance rates: September 16, 2022 | Rates over 6% for the first time in 14 years
  + stars: | 2022-09-16 | by ( Molly Grace | Laura Grace Tarpley | Mortgage Reporter | ) www.businessinsider.com   time to read: +6 min
This week, the average 30-year fixed mortgage rate surpassed 6% for the first time since 2008, 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 would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.02%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.21%, an increase from the prior week, according to Freddie Mac data.
☆ Wall Street dodged a rail strike crisis, but there's trouble ahead
  + stars: | 2022-09-16 | by ( Nicole Goodkind | Cnn Business | ) edition.cnn.com   time to read: +7 min
The company is seen as a bellwether for the economy since has insight into shipments across a wide range of industries. Persistent inflation, fears of recession and slowing economic growth have rattled markets across the globe. Now as major central banks institute aggressive rounds of monetary policy tightening to battle inflation, investors fear that they may go too far. S&P 500 INX About half of allcompanies mentioned "recession" during second quarter earnings calls, the highest number since 2010. That's the largest drop for a quarter since the second quarter of 2020 (when Covid-19 sent the United States into recession).
☆ Mortgage rates rise above 6% for the first time since 2008
  + stars: | 2022-09-15 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Rob Wile | ) www.nbcnews.com   time to read: +2 min
The average 30-year mortgage rate has climbed to 6.02% — the first time the figure has surpassed 6% since 2008, according to new data from mortgage giant Freddie Mac. The new rate level — double what it was this time last year — is an effect of the Federal Reserve's aggressive campaign to raise interest rates as it works to fight inflation. The impact of higher rates will be to reduce housing demand and put downward pressure on home prices, Freddie Mac Chief Economist Sam Khater said in a statement. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”The higher rates have caused refinance activity to fall by more than 80% from last year, according to the Mortgage Bankers Association. “Thanks largely to mortgage rates near or even above 6%, potential homebuyers and sellers are focusing on the back-to-school season and enjoying the last days of summer rather than getting into an uncertain market."
☆ Mortgage rates leap above 6% for the first time in 14 years, further slamming home affordability as construction slows
  + stars: | 2022-09-15 | by ( Ben Winck | Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
"Mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008," Sam Khater, Freddie Mac's Chief Economist, told Insider. The uptick reverses a recent dip in mortgage rates and makes home purchases even tougher for those perusing the market. Mortgage rates — which are tied to the Fed's benchmark — responded in kind, soaring above the highs seen in late June and fully reversing the summer slump. For home buyers, higher rates will translate to significantly pricier monthly payments on their mortgages. ​​Indeed, data from the Census Bureau shows that higher mortgage rates are turning the US real estate market frigid.
☆ Mortgage rates just hit a high not seen since the 2008 housing crash
  + stars: | 2022-09-11 | by ( Alcynna Lloyd | Jacob Zinkula | ) www.businessinsider.com   time to read: +4 min
More interest rate hikes are on the horizon and that means mortgage rates could climb further. Sam Khater, Freddie Mac's chief economist, says the uptick is attributed to economic volatility that is seeping into the US real estate market. "The combination of higher mortgage rates and the slowdown in economic growth is weighing on the housing market," Khater told Insider. Numerous interest rate hikes have lifted mortgage rates at the fastest pace in decades. The move has effectively put an end to the home buying frenzy that rocked the US real estate market.
☆ It's a terrible time to both buy and sell real estate
  + stars: | 2022-09-08 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
Americans are becoming increasingly pessimistic about the US real estate market. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyThe real estate market is in limbo. It's created greater dysfunction in the real estate market. Indeed, activity in the real estate market is cooling. As rising mortgage rates burden consumers, it's given rise to the largest decline in home listings in more than two years.
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