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Rising inflation and federal funds rates keep mortgage rates high. But if inflation calms down later this year and the Fed stops hiking rates, mortgage rates could go down as a result. 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 30-year mortgage rates have been hovering around or over 6.5% for much of 2023. 15-year Fixed Mortgage RatesThe 15-year fixed mortgage rate is lower than the 30-year rate, but still high overall.

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. U.S. home builder confidence weakened in August, as mortgage rates and stubbornly high housing prices discouraged prospective buyers. Better enjoyed huge growth during the onset of the COVID-19 pandemic when mortgage rates cratered, notching more than $850 million in revenue in 2020, filings show. When interest rates fall, Better expects huge demand for cash-out refinancings, which it says it will be able to deliver in one day. Earlier this year, Better.com launched a one-day mortgage product, allowing customers to get pre-approved, lock in a rate and get a mortgage commitment letter within 24 hours.

Persons: Vishal Garg, Garg, Better.com, Hannah Lang, Michelle Price, Mark Potter Organizations: Nasdaq, REUTERS, Federal, refinancings, Aurora Acquisition Corp, U.S . Securities, Exchange Commission, SEC, Better, Zoom, Thomson Locations: New York City, U.S, SoftBank, Aurora, Washington

As of January 2023, residential mortgage debt stood at C$2.08 trillion ($1.53 trillion), according to the Canada Mortgage and Housing Corporation (CMHC). Mortgage rates tend to track moves in the bond market with a lag. At 6.79%, the five-year mortgage rate posted by major Canadian banks has climbed to its highest since November 2008, data from the Bank of Canada shows. When it is time for renewal, options for homeowners hoping to shop for better interest rates might be limited as they would have to re-qualify for the stress test at the latest interest rates with their new lender. "It certainly is going to be problematic for the Canadian economy if rates stay at this level."

Persons: that's, James Laird, Laird, Daniel Foch, Foch, Stephen Brown, Nivedita Balu, Fergal Smith, Denny Thomas, Jonathan Oatis Organizations: TORONTO, Bank of Canada, Canada Mortgage, Housing Corporation, Ratehub.ca, Bank of, Toronto Regional Real Estate Board, Greater Toronto Area, Reuters, North, Capital Economics, Thomson Locations: United States, Toronto, Greater Toronto, Canada, North America

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

☆ Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high
▼ + stars: | 2023-08-22 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Americans need to spend nearly half of their income to afford a home as mortgage rates soar, a market expert said. "US housing affordability is worse today than the peak of the last housing bubble," Charlie Bilello said. The average rate on the 30-year fixed mortgage jumped this week to a 23-year high of 7.48%, per Mortgage News Daily. Mortgage rates have climbed in response to the Federal Reserve's steep interest-rate increases over the past six quarters to combat inflation. "US housing affordability is worse today than the peak of the last housing bubble.

Persons: Charlie Bilello Organizations: Mortgage, Service, Privacy, Mortgage News, Creative Planning Locations: Wall, Silicon

☆ Lowe's sticks by full-year earnings forecast despite weakening sales, as spring projects offer a boost
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's reported mixed fiscal second-quarter results on Tuesday, as consumers tackled springtime projects and helped offset weakening home improvement demand. It anticipates total sales will range between $87 billion and $89 billion for the period. It projects comparable sales will drop by 2% to 4% this fiscal year. Lowe's is more reliant on do-it-yourself shoppers for its sales than Home Depot is, but has tried to change that. Only about a quarter of Lowe's sales come from home professionals, while Home Depot typically gets about half of its sales from them.

Persons: Lowe's, Richard McPhail Organizations: Lowe's, Home, U.S . Mortgage Locations: Bloomsburg

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

☆ Summer of angst as bond yields surge and global stocks wobble
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +5 min

Meanwhile, U.S. real yields, which show what investors can expect to earn on government bonds after adjusting for inflation, stand near their highest point since 2009. Benchmark yields also guide other key economic rates, raising the cost of capital as they climb. In Europe, a key long-term gauge of market inflation expectations remains well above the European Central Bank's 2% inflation target . Reuters GraphicsHigher bond yields, falling equities and a rising dollar are all tightening financial conditions fast, adding to investor concerns. Property accounts for roughly a quarter of China's economy, which is already suffering from tepid domestic consumption, faltering factory activity, rising unemployment and weak overseas demand.

Persons: Brendan McDermid, Goldman Sachs, Goldman, Hong, Yoruk Bahceli, Alun John, Dhara Ranasinghe, Lewis Krauskopf, Vincent Flasseur, Ira Iosebashvili, Mark Potter Organizations: New York Stock Exchange, REUTERS, Japan’s Nikkei, Reuters, Treasury, Central, Bank of England, Thomson Locations: New York City, U.S, Europe, Britain, China's

Persons: it's, you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

☆ What mortgage rates over 7% mean for the housing market
▼ + stars: | 2023-08-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —An already miserably unaffordable housing market is getting more expensive. As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. “The fact that we are seeing rates at these highs is having an impact on the housing market,” Freedman said. “That’s bad news for mortgage rates which correspondingly may rise to 8%,” he said. “We thought mortgage rates would be much lower by now,” she said.

Persons: Freddie Mac, “, ”, Bess Freedman, Brown Harris Stevens, Freedman, ” Freedman, Buyers, ” Lawrence Yun, Yun, Jessica Lautz, we’d, Melissa Cohn, Cohn, “ Banks, ” Cohn Organizations: DC CNN, Federal, National Association of Realtors, NAR, “, Fed, William, Mortgage, ” Fed, Treasury Locations: Washington

☆ Bitcoin had a big drop late last week. Here's what sparked it, and why that volatility can persist
▼ + stars: | 2023-08-20 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Bitcoin's back to its volatile ways after its big move down late last week — but not for the reason investors expected. Aside from the mismanaged crypto lenders (and FTX) that plagued the crypto market in 2022, the Federal Reserve's inflation-fighting rate hiking campaign played a big part in bitcoin's downward price pressure. "The volatility will have a persistence if we're going to stay here at an elevated real rate environment," he told CNBC. Even if the Fed doesn't raise interest rates anymore, the crypto space seems more focused now on real rates and keeping them elevated to fight inflation. Having institutions with an established long core holding would act as a stabilizing force for Bitcoin, Connors added.

Persons: it's, Mark Connors, 3iQ, We're, headwinds, Connors, It's, that've, Bitcoin, —, Jeff Cox Organizations: CNBC, SEC, Fidelity Locations: BlackRock

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

☆ U.S. Mortgage Rate Jumps to Highest Level Since 2002
▼ + stars: | 2023-08-17 | by ( Gregory Schmidt | More About Gregory Schmidt | ) www.nytimes.com time to read: 1 min

Mortgage rates jumped to a 21-year high this week, climbing back above 7 percent and making it even harder for buyers to afford homes in an already difficult market. The average 30-year fixed-rate mortgage — the most popular home loan in the United States — was 7.09 percent, up from 6.96 percent last week, Freddie Mac said on Thursday. A year earlier, the 30-year rate was 5.13 percent. The current rate is the highest since April 2002. In the intervening period, home buyers enjoyed years of falling rates, which even dipped below 3 percent at the beginning of the pandemic.

Persons: United States —, Freddie Mac Locations: United States

☆ 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

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

Persons: you'll Organizations: Federal Reserve, Fed, Zillow, ARM Locations: Chevron

The Fed's rates aren't directly tied to mortgage rates — but in general, when it goes up, mortgage rates either stay high or increase too. 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 Increase (+0.28%)The current average 30-year fixed mortgage rate is 7.03%, up 28 basis points since this time last week. 15-year Fixed Mortgage Rates Tick Up (+0.07%)The average 15-year fixed mortgage rate is 6.15%, a seven-basis-point increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Rise (+0.27%)The average 30-year refinance rate is 7.22%, which is higher than it was last week.

Persons: you'll, It's, refinance Organizations: Federal Reserve, Zillow Locations: Chevron

☆ The worst of the housing affordability crisis may be over, but that doesn't mean it'll get easier to buy a home soon
▼ + stars: | 2023-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The worst of the housing affordability crisis has already passed, Morgan Stanley said. Mortgage rates are expected to see a small decline while the inventory shortage improves only slightly. "Affordability remains very challenged. "Supply remains incredibly tight, but it's not getting tighter." Mortgage rates are expected to decline through the end of the year as interest rate volatility in the economy winds down.

Persons: Morgan Stanley, it's, Jim Egan, Morgan Stanley's, Egan, Price Organizations: Service, Mortgage Bankers Association, Black, National Association of Realtors Locations: Wall, Silicon

☆ US mortgage delinquency rates fall to all-time low
▼ + stars: | 2023-08-10 | by ( Safiyah Riddle | ) www.reuters.com time to read: +3 min

REUTERS/Lucas Jackson/File PhotoAug 10 (Reuters) - U.S. mortgage delinquency rates fell to a record low in the second quarter due to a strong job market and low interest rates prevailing on most home loans despite the big jump in mortgage rates over the last two years, a report on Thursday said. Delinquency rates fell to 3.37% at the end of the second quarter, according to the Mortgage Bankers Association’s National Delinquency Survey, their lowest since the MBA began collecting data in 1979 and down from 3.64% year-on-year. Economists are watching mortgage delinquency rates closely for signs of weakness amidst the Federal Reserve's aggressive 525 basis point interest rate increase since March 2022, which increased the cost of borrowing across the board. Despite the historically low delinquency rate, the MBA said not every borrower has been able to withstand the recent stress of hiked interest rates. “Home sales were down due to higher mortgage rates and limited inventory,” said NAR chief economist Lawrence Yun.

Persons: Lucas Jackson, ”, Lawrence Yun, Safiyah Riddle, Dan Burns, Marguerita Choy Organizations: REUTERS, Mortgage, National Delinquency Survey, Federal Housing Administration, National Association of Realtors, “, Thomson Locations: York County , South Carolina, U.S

☆ What the highest interest rates in 16 years mean for you
▼ + stars: | 2023-08-10 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Bank prime loan rates, the interest rates banks charge creditworthy customers, are typically about 3 percentage points higher than the Fed funds rate. In the short term, the Fed funds rate also affects Treasury yields, or the interest rate the government pays on its debt obligations. These yields influence how much consumers pay on real estate and equipment, as they set a baseline for other interest rates. Ninety-day CD rates track almost identically to the Fed funds rate, meaning these CDs have paid higher interest rates as the Fed hikes rates. Large corporations also are directly affected by higher interest rates, as the cost of borrowing money also follows the Fed funds rate.

Persons: Michelle Bowman, stabler, WalletHub Organizations: Service, Fed, Federal Reserve, Federal, Market, Bank, Treasury Locations: Wall, Silicon

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 Increase (+0.17%)The current average 30-year fixed mortgage rate is 6.67%, up 17 basis points since this time last week. 15-year Fixed Mortgage Rates Go Up (+0.17%)The average 15-year fixed mortgage rate is 6.02%, a 17-basis-point increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Go Down (-0.14%)The average 30-year refinance rate is 6.99%, which is lower than it was last week. 15-year Fixed Refinance Rates Inch Up (+0.17%)The average 15-year fixed refinance rate is 6.54%, 17 basis points higher than it was last week.

Persons: we've, you'll, It's, refinance Organizations: Zillow Locations: Chevron

☆ U.S. mortgage rates spike to highest since November, approach 22-year high
▼ + stars: | 2023-08-09 | by ( Safiyah Riddle | ) www.reuters.com time to read: +1 min

New townhomes are seen under construction while building material supplies are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS/Octavio JonesAug 9 (Reuters) - The average U.S. 30-year mortgage rate jumped to a nine-month peak on Wednesday and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. Rates have not been that high since November 2022, which were then the highest levels since 2001. Recent data has suggested that the home price cooling engineered by the Federal Reserve's aggressive interest rate hiking campaign could be slowing down. But the recent data showing higher mortgage rates and crimped demand could be welcome news for overall shelter costs and the U.S. central bank's effort to bring inflation down.

Persons: Octavio Jones, Joel Kan, Safiyah Riddle, Andrea Ricci Organizations: REUTERS, Mortgage, Association, Association's, Federal, Thomson Locations: Tampa , Florida, U.S

☆ Mortgage credit availability sinks to decade low
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As if higher mortgage rates weren't enough, it was harder even to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association. While availability for all loan types dropped, the component of the index for jumbo loans decreased the most, as banks face increasing liquidity issues. Jumbo loans cannot be sold to Fannie Mae and Freddie Mac, so they are usually held on bank balance sheets. Higher mortgage rates have caused demand for home loans to drop. A drop in cash-out refinance programs was a major component of the overall drop in credit availability.

Persons: Fannie Mae, Freddie Mac, Joel Kan Organizations: Mortgage, Association

Average 30-year mortgage rates started last week around 6.50% but quickly spiked up near 7%. Mortgage rates have climbed along with inflation over the past couple of years, and as inflation slows, rates are expected to drop. 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 6.90%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.25% this week, according to Freddie Mac data.

Persons: we'll, homebuyers, that's, you'll, Freddie Mac Organizations: CPI, Federal Reserve, Zillow Locations: Chevron

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