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The average 30-year mortgage rate dropped 26 points to 7.50% — this is the lowest the rate has been since the beginning of October. Paused Fed rates and a cooling jobs market are both good signs for mortgage 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates are 6.81% this week, according to Freddie Mac data, which is a 22-basis-point drop from last week.

Persons: Freddie Mac, it's Organizations: Federal Reserve, Bureau of Labor Statistics, Zillow Locations: Chevron

The latest decline brought the average rate on a 30-year mortgage down to 7.5% from 7.76% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far lower rates two years ago, when they were around 3%, from selling. This average rate on a 30-year mortgage is now at the lowest level it's been since the first week of October, when it was 7.49%. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since, reaching 7.79% two weeks ago.

Persons: Freddie Mac Organizations: ANGELES, Treasury, U.S, Federal Reserve Locations: U.S

☆ Mortgage rates plummet by largest amount in a year
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +5 min

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

☆ This is the least affordable housing market since 1984. It’s getting worse
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Wannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. For the first time, monthly payments are above $2,500 – and that doesn’t even include taxes, insurance or other fees. Turmoil in the bond market and the Federal Reserve’s war on inflation have driven up mortgage rates to levels unseen since 2000. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021. At today’s rates, monthly payments on a $500,000 home would stand at roughly $3,265 after putting 20% down.

Persons: Ronald Reagan, Andy Walden, They’ve, Freddie Mac Organizations: New, New York CNN, Intercontinental Exchange, ICE, New York Stock Exchange Locations: New York, homeownership

Average 30-year mortgage rates reached 23-year highs in October, and although they're still relatively high, they're starting to trend downward. This is good news for mortgage rates — generally, when the federal funds rate goes up, mortgage rates tend to follow suit. As inflation comes down and the Fed is able to stop hiking rates, mortgage rates should start to recede. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, according to Freddie Mac data.

Persons: they're, Jerome Powell, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

☆ Taylor Swift and Beyoncé won't prop up the US economy much longer, with Americans' COVID-era savings running dry
▼ + stars: | 2023-11-06 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

But economists are warning the bump in growth won’t last forever, with Americans’ COVID-era savings running dry. AdvertisementAdvertisementTaylor Swift, Beyoncé, and the "Barbenheimer" box-office craze all gave the American economy a much-needed boost this summer. AdvertisementAdvertisementFunflation won't lastAmericans' summer spending splurge on concert and film tickets didn't come out of nowhere. "You've run down the savings rate so a lot of people have basically been spending well beyond what they've been earning. That's why the Taylor Swift economy isn't likely to last.

Persons: Taylor Swift, ’, —, Marc Ostwald, Anna Wong, Eliza Winger, they've, You've, that's, Freddie Mac, Beyonce Organizations: Service, ADM, Services International's, Bloomberg, ADM ISI's, Federal Reserve Locations: American

Mortgage rates have trended downward over the last few days, and they might continue to decrease in the coming weeks. These are two signs that the economy is starting to cool, which is often a good sign for mortgage rates. We'll need to see long-term, consistent signs that the US economy is cooling off for mortgage rates to drop significantly. 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. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, unchanged from the previous week, according to Freddie Mac data.

Persons: Freddie Mac —, Jerome Powell, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

☆ Yes, it's possible to get a 4.8% mortgage today — here's how
▼ + stars: | 2023-11-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

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

A cooling job market generally means good things for mortgage 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% this week, according to Freddie Mac data — exactly the same as the week before. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased significantly in 2022.

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

Average 30-year mortgage rates were 7.76% this week, a three-point decrease from the previous week, according to Freddie Mac. Borrowers wondering where mortgage rates will go next should keep an eye on the latest economic data. 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, Jerome Powell, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

The decline brought the average rate on a 30-year mortgage down to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. And higher yields on 10-year Treasurys tend to push up mortgage rates. The average rate was unchanged from last week at 7.03%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, it’s, Lisa Sturtevant, Bob Broeksmit Organizations: ANGELES, Treasury, U.S, Federal Reserve, Bright MLS, ”, Treasury Department, Mortgage, Association, “ Locations: U.S

☆ Federal Reserve Meeting Fed Expected to Keep Rates on Hold
▼ + stars: | 2023-11-01 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +7 min

The Fed last raised its benchmark rate, the federal funds rate, in July to a range of 5.25 to 5.5 percent. In recent weeks, the long-term market rates that influence many types of consumer and business loans have drifted higher, even as the Fed left its key rate on hold. Car LoansHigher loan rates have been dampening auto sales, particularly in the used-car market, because loans are more expensive and prices remain high, experts said. Used-car rates were even higher: The average loan carried an 11.4 percent rate in September, matching a high set earlier in the year. Home-equity lines of credit and adjustable-rate mortgages — which each carry variable interest rates — generally rise within two billing cycles after a change in the Fed’s rates.

Persons: ”, Anna N’Jie, Bankrate.com, Matt Schulz, Jonathan Smoke, that’s, Freddie Mac, Ken Tumin, DepositAccounts.com Organizations: Federal Reserve, Fed, Re, LendingTree, Cox Automotive, Treasury, Savings Vehicles Savers, Consumers, DepositAccounts.com Locations: LendingTree

☆ The Federal Reserve leaves rates unchanged. Here's what that means for your wallet
▼ + stars: | 2023-11-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

watch nowThe Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday. What the federal funds rate means for youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. To a certain extent, many households have been shielded from the brunt of the Fed's rate hikes so far, House said. As the federal funds rate rose, the prime rate did as well, and credit card rates followed suit. If the 10-year yield stays near 5%, federal student loan interest rates could increase again when they reset in the spring, costing student borrowers even more in interest.

Persons: Brett House, that's, Sung Won Sohn, Sohn, bode, Greg McBride, Sam Khater, Freddie Mac's, Tiffany Hagler, Bankrate, Jacob Channel Organizations: Federal Reserve, Fed, Columbia Business School, Loyola Marymount University, SS Economics, Treasury, Geard, Bloomberg, Getty, Auto Locations: Larchmont , New York

☆ Brace for 8% mortgage rates to drag the US housing market into a 1980s-style recession, Wells Fargo warns
▼ + stars: | 2023-10-31 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The US housing market looks like it's headed for a recession, Wells Fargo has warned. AdvertisementAdvertisementThe Federal Reserve's aggressive interest-rate hikes could be about to trigger a housing-market recession that echoes the slowdown of the 1980s, Wells Fargo has warned. "Although mortgage rates may gradually descend once the Federal Reserve begins to ease monetary policy, financing costs are likely to remain elevated relative to recent norms," they added. Please Lower Interest Rates." AdvertisementAdvertisement"The plea for assistance from housing industry participants, both in the early 1980s and more recently, illustrates the severe impact higher interest rates can have on the residential sector," Dougherty and Barley wrote.

Persons: Wells Fargo, —, Charlie Dougherty, Patrick Barley, Freddie Mac, Jackson, Paul Volcker, National Association of Homebuilders, Jerome Powell, Dougherty, Barley Organizations: Service, Federal, Fed, Wells, National Association of Realtors, Mortgage Bankers Association, National Association of Locations: Redfin

Average 30-year mortgage rates reached 23-year highs in October, and they remain elevated today. As inflation comes down and the Fed is able to stop hiking rates, mortgage rates should start to recede. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: It's, Fannie Mae, they're, you'll, Freddie Mac Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

☆ The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free
▼ + stars: | 2023-10-30 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The offers to refinance the mortgage on your home later often aren’t as attractive as they initially seem. Photo: David Paul Morris/Bloomberg NewsLenders have a proposition for home buyers who can’t stomach an 8% mortgage rate: Buy now, and refinance later for free. Lenders are making these offers because the market for mortgages cratered as the Federal Reserve raised interest rates to two-decade highs to tame inflation. The average rate on a 30-year fixed-rate mortgage is 7.79%, according to Freddie Mac .

Persons: David Paul Morris, refinance, Freddie Mac Organizations: Bloomberg, Federal Reserve

This will probably be a significant week for those wondering when mortgage rates will finally fall. Currently, mortgage affordability is at its lowest level in over two decades, with 30-year mortgage rates hovering near 8%. 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 RatesLast week, the average 30-year fixed mortgage rate was 7.79%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 7.03% last week, an 11-point increase compared to the prior week, according to Freddie Mac data.

Persons: you'll, Freddie Mac Organizations: Federal, of Labor Statistics, Zillow, Federal Reserve Locations: Chevron

Commentary coming out of the meeting from Fed officials will likely have some impact on mortgage rates. This would take some of the extreme upward pressure off of mortgage rates and likely allow them to trend down. 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 increased significantly in 2022.

Persons: Jerome Powell's, Freddie Mac, it's Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

The still-heated economy and uncertainty over whether it will cool sufficiently has pushed mortgage rates up in recent weeks. Average 30-year mortgage rates are closer to 8% than they've been in 23 years, reaching 7.79% this week, according to Freddie Mac. Average 15-year mortgage rates are also extremely high, and have surpassed 7% for the first time since December 2000. 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've, Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ The Federal Reserve may not hike interest rates next week, but consumers are unlikely to feel any relief
▼ + stars: | 2023-10-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

After the previous rate hikes, the average credit card rate is now more than 20% — an all-time high. Even without a rate hike, APRs may continue to rise, according to according to Matt Schulz, chief credit analyst at LendingTree. As the federal funds rate rose, the prime rate did, as well, and these rates followed suit. Federal student loans are now at 5.5%Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Matt Schulz, Sam Khater, Freddie Mac's Organizations: Reuters, Treasury, Auto

☆ Don't expect house prices to fall this winter, says Goldman Sachs economist
▼ + stars: | 2023-10-26 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

And there's no relief coming for prospective homebuyers this winter, says a Goldman Sachs economist. "Prices are unlikely to decline meaningfully" because of the supply shortage, said David Mericle. AdvertisementAdvertisementProspective homebuyers shouldn't count on prices falling this winter – because there just aren't enough properties being put up for sale, according to a top Goldman Sachs economist. "Prices are unlikely to decline meaningfully, precisely because of the supply shortage," David Mericle, the chief US economist for the bank's global investment research division, told Yahoo Finance . But because of the supply shortage, I think the demand is still there for the market to clear at prices similar to where we are," Mericle said.

Persons: Goldman Sachs, David Mericle, —, Mericle, Freddie Mac – Organizations: Service, Yahoo Finance, Biden Administration, National Association of Realtors

☆ US new home sales jump to 19-month high; median price falls
▼ + stars: | 2023-10-25 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

The larger-than-expected increase in sales last month reported by the Commerce Department on Wednesday showed that the new housing market continued to be supported by a chronic shortage of previously owned houses. That is leading to very different dynamics in different parts of the housing market." New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. The National Association of Home Builders reported last week that about a third of builders reported cutting home prices in October, a 10-month high, with the average price discount at 6%. The housing market likely stabilized in the third quarter, thanks to strong homebuilding and new home sales.

Persons: Sarah Silbiger, Bill Adams, resales, Freddie Mac, Dan Hnatkovskyy, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, U.S, Commerce Department, Comerica Bank, Reuters, Midwest ., National Association of Home Builders, Thomson Locations: Washington , U.S, WASHINGTON, Dallas, Northeast, West, Midwest

☆ High mortgage rates could boost GSE reform, says Cowen's Jaret Seiberg
▼ + stars: | 2023-10-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHigh mortgage rates could boost GSE reform, says Cowen's Jaret SeibergJaret Seiberg, housing policy analyst at Cowen Washington Research Group, joins 'The Exchange' to discuss Fannie Mae and Freddie Mac reform, lowering home borrowing costs, and more.

Persons: Cowen's, Fannie Mae, Freddie Mac Organizations: Cowen Washington Research Group

☆ What it will take to make homes affordable again for millions of Americans
▼ + stars: | 2023-10-25 | by ( Tim Mullaney | ) www.cnbc.com time to read: +12 min

"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

☆ US new home sales surged in September
▼ + stars: | 2023-10-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market. This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000. Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes. This represents a supply of 6.9 months at the current sales pace.

Persons: Freddie Mac, ”, Kelly Mangold, Mangold Organizations: DC CNN, United States, US Department of Housing, Urban Development, Census, Federal Reserve, Real Estate Consulting, National Association of Realtors Locations: Washington, United, “

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