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Mortgage rates climbed throughout the first half of July, with average 30-year mortgage rates nearing 7%. Lower mortgage rates will provide some affordability to potential homebuyers who have been waiting to enter the market. 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 6.81%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.11% right now, according to Freddie Mac data.

Persons: Freddie Mac, it's Organizations: Mortgage, Zillow Locations: Chevron

If the Fed stops hiking rates this year, mortgage rates could fall a bit. As the economy slows throughout this year and next, the central bank may even consider cutting rates, which would allow mortgage rates to drop even further. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. 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, Fannie Mae, they'll Organizations: Federal Reserve, Fed, Mortgage, Association, Zillow, Sky, ARM Locations: Chevron

Mortgage rates have had a volatile week. Average 30-year mortgage rates started the week relatively flat compared to the week before. 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: Reserve, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ US new home sales fall, but trend remains strong
▼ + stars: | 2023-07-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary New home sales fall 2.5% in June; up 23.8% year-on-yearMedian new house price drops 4.0% year-on-yearWASHINGTON, July 26 (Reuters) - Sales of new U.S. single-family homes fell in June after three straight monthly increases, but the trend remained strong as an acute shortage of previously owned homes underpins demand. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, would drop to a rate of 725,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. While the overall the housing market continues to stabilize, higher mortgage rates and the renewed house price appreciation could delay a recovery. The median new house price in June was $415,400, a 4.0% drop from a year ago.

Persons: Conrad DeQuadros, Richard de Chazal, William Blair, Jerome, Powell, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: U.S, Commerce Department, Brean, Reuters, Mortgage, Association, National Association of Home Builders, Federal, Treasury, Thomson Locations: WASHINGTON, New York, U.S, Midwest

☆ Mortgage demand drops as interest rates remain stubbornly high
▼ + stars: | 2023-07-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move at all last week, and are still sitting near a recent high. Most borrowers today carry interest rates far lower than the current rate and would therefore not benefit from a refinance. Mortgage rates moved higher to start this week, crossing over 7% Tuesday to 7.04%, according to Mortgage News Daily. Rates will likely move later today, following the latest interest rate decision and press conference at the Federal Reserve. In other words, mortgage rates CAN move lower tomorrow even if the Fed hikes.

Persons: Joel Kan, Jerome, Powell, Matthew Graham Organizations: Mortgage, Federal Housing Administration, Mortgage News, Federal Reserve

Currently, 30-year mortgage rates are around 9 basis points lower compared to last week's average. Lower mortgage rates will provide some affordability to potential homebuyers who have been waiting to enter 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. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate is currently 6.78%, according to Freddie Mac.

Persons: Freddie Mac, it's Organizations: Reserve, Mortgage, Zillow Locations: Chevron

☆ Shopping for a home? There’s a lot working against you right now
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

In recent weeks, as mortgage rates closed in on 7%, affordability has worsened. Nationally, it takes about 36% of the median household income to make the average mortgage payment — more than the recommended 30% allowance for housing. The Mortgage Credit Availability Index fell by 3.1% to 96.5 in May, the lowest level since January 2013, and was essentially unchanged in June. The MBA index that tracks jumbo loans — loans that are larger than conforming loan limits — saw its second monthly contraction, as some financial institutions reduce their appetite for larger loans that aren’t backed by the government. Mortgage rates are expected to drop the second half of this year as inflation continues to cool, with economists and housing analysts forecasting rates to end the year around 6%.

Persons: Nick Gaylord, “ I’ve, ” Gaylord, it’s, “ I’m, ”, Gaylord, “, Black Knight, Knight, ” Joel Kan, Department of Veterans Affairs —, — Organizations: DC CNN, CNN, Mortgage Bankers Association, ICE Mortgage Technology, Federal Housing Administration, US Department of Agriculture, Department of Veterans Affairs, National Association of Realtors Locations: Washington, Minneapolis

Mortgage rates fell slightly last week, with 30-year mortgage rates dropping to 6.78%, according to Freddie Mac. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. 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, Fannie Mae, they'll Organizations: Mortgage, Association, Zillow, Federal Reserve, Fed, Sky, ARM Locations: Chevron

Last week, average 30-year mortgage rates fell 18 basis points compared to the week before, according to Freddie Mac. Average 15-year fixed mortgage rates decreased even further, dropping 24 basis points from the prior week. If Fed officials feel they'll be able to stop hiking rates after this month's meeting, mortgage rates will likely hold steady and may even fall a bit. 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, we'll, they'll, you'll, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, 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 Increase (+0.17%)The current average 30-year fixed mortgage rate is 6.60%, up 17 basis points since this time last week. 20-year Fixed Mortgage Rates Go Up (+0.45%)The average 20-year fixed mortgage rate is up from last week and sits at 6.46%. 15-year Fixed Mortgage Rates Rise (+0.25%)The average 15-year fixed mortgage rate is 5.93%, an increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Spike (+0.58%)The average 30-year refinance rate is 7.38%, which is 58 basis points higher compared to last week.

Persons: Freddie Mac, you'll, refinance, It's Organizations: Mortgage, Zillow Locations: Chevron

☆ Commercial real estate loans are the next big risk for lenders. See the top 20 banks with the most property debt exposure, from JPMorgan to Wells Fargo.
▼ + stars: | 2023-07-20 | by ( Alex Nicoll | Daniel Geiger | ) www.businessinsider.com time to read: +3 min

Rising interest rates and remote work have put commercial real estate in the hot seat. With the help of Trepp, we've compiled a list of the top bank lenders for commercial real estate. The rising property losses are the result of rising interest rates, which have dramatically increased the cost of borrowing for highly leveraged commercial real estate investors. Office property owners are most at risk thanks to the remote-work phenomenon, which has been emptying out offices for three years now. Big names like Blackstone, Brookfield, and Starwood all have defaulted on properties and real estate securities in recent months.

Persons: we've, Wells, Chase, It's, Goldman Sachs, Newmark, Michael Santomassimo, Santomassimo, We've Organizations: JPMorgan Chase, Wells Fargo, Starwood, Bank of America, Signature Bank, New York Community Bank, Mortgage Bankers Association, Wells, Trepp, Federal Reserve, SEC Locations: Blackstone, Brookfield

Average 30-year mortgage rates are now just a few basis points above last month's average. But according to the latest Fannie Mae housing forecast, borrowers shouldn't expect mortgage rates to drop dramatically this year. 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: Fannie Mae, Doug Duncan, Fannie, you'll, Freddie Mac Organizations: Mortgage, Zillow, Federal Reserve Locations: Chevron

☆ Mortgage-refinance demand recovers some after rates come off recent highs
▼ + stars: | 2023-07-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates pulled back last week after jumping sharply to start July. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates declined last week, as markets responded positively to incoming data showing that U.S. inflation continues to cool," said Joel Kan, an MBA economist, in a release. The refinance share of mortgage activity increased to 28.4% of total applications from 26.8% the previous week. Mortgage rates haven't budged much to start this week, as they're still hanging in the high 6% range on the 30-year fixed.

Persons: Blaine, Joel Kan Organizations: Mortgage, Federal Locations: Minnesota

Mortgage rates spiked dramatically last week, with 30-year mortgage rates nearing 7%. Slowing inflation in June allowed mortgage rates to fall somewhat, and they may trend down further once the Federal Reserve stops hiking rates. 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, they'll Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ US home prices are nearing new record highs as inventory drops to all-time low
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The median sale price clocked in at $426,056 in June, just 1.5% below the all-time-high. That's as the inventory of available homes for sale dropped to a record low last month. It marks the slowest decline in home prices the housing market has seen in five months. Buyers, meanwhile, have grown used to elevated mortgage rates, which has exacerbated the inventory shortage. With home prices back near record highs, buyers are also less worried that they'll buy a house that'll plunge in value."

Persons: That's, Daryl Fairweather, they'll, Robert Reffkin, Freddie Mac Organizations: Service, Mortgage, Association, Homeowners Locations: Wall, Silicon

At long last, homebuyers may finally be getting some relief in the form of lower mortgage rates. Average 30-year mortgage rates dropped significantly last week, ending the week around 40 basis points lower than where they started it. Mortgage rates are still relatively high, but it's likely that we'll see some more substantial drops later this year and throughout 2024. 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: homebuyers, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky 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

After increasing consistently over the past couple of weeks, mortgage rates have finally receded somewhat. Average 30-year mortgage rates are now nearly 20 basis points lower than they were a week 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, they'll Organizations: Federal, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates rose dramatically last year in response to high inflation and aggressive rate hikes from the Federal Reserve. This means that more Fed hikes are likely, which will keep mortgage rates elevated for at least the next couple of months. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. 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: they're, Fannie Mae, Doug Duncan, you'll Organizations: Federal Reserve, of Labor Statistics, Federal, Zillow, Mortgage, Association, Sky Locations: Chevron

Average 30-year mortgage rates were around 6.49% last month, but they've so far been higher in July, hovering closer to 7%. Depending on how the upcoming Consumer Price Index data shakes out, mortgage rates could start to recede somewhat later in the month. 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 6.81%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.24% this week, according to Freddie Mac data.

Persons: We'll, you'll, Freddie Mac Organizations: Bureau of Labor Statistics, Mortgage Bankers Association, Zillow, Federal Reserve 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, ”

Average 30-year mortgage rates are now around 14 basis points higher than they were a week ago. Throughout the past couple of years, the economy became overheated, pushing up consumer prices and causing mortgage rates to spike. 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's, Fannie Mae, they'll Organizations: Consumer, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Mortgage demand drops to lowest level in a month, as interest rates rise
▼ + stars: | 2023-07-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week hit their highest level since the end of May, which in turn weighed on mortgage demand. Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand is now at its lowest level in a month. While that was the average rate for the week, a separate survey from Mortgage News Daily showed the rate crossed over 7% last Thursday. "However, the average loan size for a purchase application declined to $423,500 – its lowest level since January 2023."

Persons: Joel Kan, Kan Organizations: Mortgage, Federal Locations: homebuying

Average 15-year fixed mortgage rates are up even more, nearly 20 basis points higher than they were this time last week. But as job growth slows, 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. 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.

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