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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.

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

Unexpectedly strong economic data keeps mortgage rates high, but most experts think rates will drop in the coming months. In its June mortgage market forecast, the Mortgage Bankers Association predicted that mortgage rates will trend down to 5.8% by the end of 2023. 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 Up (+0.08%)The current average 30-year fixed mortgage rate is 6.56%, up eight basis points since this time last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Increase (+0.18%)The average 30-year refinance rate is 6.91%, which is 18 basis points higher since last week.

Persons: you'll, It's, refinance Organizations: Mortgage Bankers Association, Zillow Locations: Chevron

If the labor market is cooling, that's a sign that mortgage rates may soon start heading 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 interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate is 6.71%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06% this week, according to Freddie Mac data.

Persons: you'll, Freddie Mac Organizations: Mortgage, Federal Reserve, Zillow Locations: Chevron

Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. 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, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

Average 15-year fixed mortgage rates have generally remained in the 5.7% to 5.9% range. So far, the economy has been cooling somewhat, which should eventually push mortgage rates down. But if the Federal Reserve feels that it needs to raise the federal funds rate to get inflation down to its target rate, mortgage rates could spike temporarily. 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: we'll, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

Average 30-year mortgage rates rates have hardly moved over the last couple of weeks. In its June mortgage market forecast, the Mortgage Bankers Association predicted that mortgage rates will trend down to 5.8% by the end of 2023. 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 (-0.02%)The current average 30-year fixed mortgage rate is 6.47%, down just 2 basis points since this time last week. 20-year Fixed Mortgage Rates Drop (-0.18%)The average 20-year fixed mortgage rate is down from last week and sits at 6.03%.

Persons: you'll, refinance, hasn't Organizations: Federal Reserve, Mortgage Bankers Association, Zillow Locations: Chevron

☆ Mortgage demand grows, driven by sales of new homes
▼ + stars: | 2023-06-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates turned higher again last week. Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates. Builders are driving demand in part by offering incentives, like paying down mortgage rates. The widening spread and the increase in the jumbo rate stem from the recent regional bank failures.

Persons: Joel Kan, Kan, Fannie Mae, Freddie Mac Organizations: Mortgage, Census, Builders, Bank Locations: U.S

Mortgage rates are holding steady today and remain relatively low compared to where they were earlier this month. This is good news for mortgage borrowers, since it means less upward pressure on 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. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, it's, Fannie Mae, they'll Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely.
▼ + stars: | 2023-06-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

They cited a strong labor market, low foreclosure rates, favorable demographics, and low supply. That was their biggest drop since the mid-2000s housing bubble, when home prices fell 27% over the course of a few years. As long as interest rates remain elevated, home price growth will likely continue to slow. First is that the labor market remains healthy. But so far this year, the labor market has continually surprised economists to the upside.

Persons: Hoff, Ian Shepherdson, Desmond Lachman —, millennials, Ellen Zentner, Morgan Stanley's, Z, it's, there's, Louis Organizations: Harvard Joint Center for Housing Studies, Harvard University, Federal Reserve, Harvard Joint Center for Housing, FHFA National Mortgage Database, Federal Reserve Bank of St, JPMorgan, Mortgage, Association

The average 15-year fixed mortgage rate is also down this week, and is now hovering just above 6%. While lower rates are good news for hopeful homebuyers, mortgage rates still have a long way to fall before many of these buyers will begin to see a tangible increase in affordability. "Mortgage rates slid down again this week but remain elevated compared to this time last year," Sam Khater, Freddie Mac's chief economist, said in a press release. 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, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: 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 Decrease (-0.11%)The current average 30-year fixed mortgage rate is 6.35%, down 11 basis points since this time last week. 15-year Fixed Mortgage Rates Drop Slightly (-0.01%)The average 15-year fixed mortgage rate is 5.75%, a very small decrease from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.11%)The average 30-year refinance rate is 6.51%, down since last week. 30-year VA Refinance Rates Decrease (-0.08%)The average 30-year VA refinance rate is 5.92%, which is a drop from last week.

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

☆ US jobless claims hold at 20-month high, existing home sales tick up in May
▼ + stars: | 2023-06-22 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

The median expectation among economists polled by Reuters was for 260,000 new claims. The latest reading compared with a median economists' estimate of 1.782 million so-called continued claims. Existing home sales rose 0.2% to a seasonally adjusted annual rate of 4.3 million units last month, the National Association of Realtors said. Economists polled by Reuters had forecast home sales would fall to a rate of 4.25 million units. Home resales, which account for the largest share of U.S. housing sales, tumbled 20.4% on a year-on-year basis in May.

Persons: Thomas Simons, Simons, Jerome Powell, Lawrence Yun, Dan Burns, Chizu Organizations: Bureau of Labor Statistics, Reuters, Jefferies, Investors, National Association of Realtors, Economists, Mortgage, Association, Thomson Locations: Massachusetts, South, West, Northeast, Midwest

☆ Weekly mortgage demand was flat, even as interest rates drop for the third straight week
▼ + stars: | 2023-06-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week, but demand for mortgages didn't move much. Total mortgage application volume increased 0.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. This marks the second straight week that jumbo loans have a higher rate than conforming loans. Homebuyers are starting to get used to higher interest rates, but the continued drop in new listings of homes for sale is keeping sales low. Federal Housing Administration demand rose more than conventional loan demand.

Persons: Joel Kan, Jerome Powell Organizations: Mortgage, Federal Housing Administration, Census, Federal, Financial Services

☆ Housing market inventory keeps declining and that's bad news for homebuyers
▼ + stars: | 2023-06-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

We're revisiting housing inventory today because it's one of the key sticking points that's keeping home prices elevated and buyers wary. Get this: The housing market today has 39% fewer homes for sale than before the pandemic. Mortgage rates are currently about double what they were in 2021, when ultra-low rates fueled a home-buying boom. That could help influence mortgage rates to go even higher this year. People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future."

Persons: I'm Phil Rosen, Jerome Powell, Joe Raedle, There's, Powell, Redfin's Chen Zhao, Edward Seiler, Tweet, JIM WATSON, Morgan Stanley, Steve Eisman, Larry Summers, Richard Branson's, Phil Rosen, Max Adams, Hallam Bullock Organizations: realtors, Mortgage Bankers Association, US, Getty, Fed, FedEx, Nvidia, Bloomberg, Treasury, Virgin Galactic Locations: homebuilding, New York, London

☆ New US home construction surges by most in 3 decades in May
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +3 min

Housing starts rose to a seasonally adjusted annual rate of 1.631 million units last month from April's downwardly revised 1.34 million, the Commerce Department said on Tuesday. May's rate was the highest since April 2022, which was then the highest since 2006. Starts rose by double-digit margins in the South, Midwest and West while declining by nearly 19% in the Northeast. Permits for future construction, for instance, rose 5.2% to the highest since October at 1.491 million units, led by a 27.1% surge in the Northeast. Permits for single-family projects rose 4.8% while multi-family were up 7.8%.

Persons: April's, Ben Ayers, Alicia Huey, Dan Burns, Conor Humphries, Andrea Ricci Organizations: Federal Reserve, Housing, April's downwardly, Commerce Department, Reuters, Nationwide, National Association of Home Builders, Mortgage, Association, Thomson Locations: South, Midwest, West, Wells Fargo

The 30-year rates have dipped slightly since last week, while 15-year mortgage rates have gone up a bit. A competitive market can keep mortgage rates high and homes expensive. 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, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

The average 30-year mortgage rate is 6.69% this week, according to Freddie Mac, while it was at 6.39% in mid-May. If inflation continues to decelerate throughout 2023 and get closer to the Federal Reserve's 2% goal, we could see mortgage rates drop later this year. 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: Freddie Mac, you'll, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ The housing market has about 40% fewer homes for sale than before the pandemic, and listings keep falling
▼ + stars: | 2023-06-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The current housing market offers 39% fewer homes for sale than pre-pandemic, Redfind said. Homeowners are unwilling to part ways with low mortgage rates secured before borrowing costs went up. Mortgage rates are now hovering close to 7%, nearly double where they were at in 2021, when ultra-low rates fueled a home-buying boom. "People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future. Edward Seiler, the associate vice president for housing economics at the Mortgage Bankers Association, told Insider earlier that the housing market has never been this unaffordable for new buyers.

Persons: Redfind, —, Chen Zhao, Redfin, Edward Seiler, Seiler Organizations: Service, Federal Reserve, Mortgage, Mortgage Bankers Association Locations: homebuilding

In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. 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 Decrease (-0.14%)The current average 30-year fixed mortgage rate 6.49%, down 14 basis points since this time last week. 20-year Fixed Mortgage Rates Go Down (-0.10%)The average 20-year fixed mortgage rate is down from last week and sits at 6.20%. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.22%)The average 30-year refinance rate is 6.68%, down since last week.

Persons: you'll, it's, It's, refinance Organizations: Mortgage Bankers Association, Zillow Locations: Chevron

☆ Mortgage demand surges as interest rates ease off recent highs
▼ + stars: | 2023-06-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates pulled back for the second straight week last week, and it was enough to get both current and potential homeowners on the phone with their lenders. Mortgage application volume rose 7.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most borrowers today have lower rates than what is currently available and therefore do not want to lose those rates even for a cash-out refinance. Although the Fed Funds Rate doesn't directly dictate mortgage rates, such a move would still put quite a bit of upward pressure on interest rates of all shapes and sizes," wrote Matthew Graham, COO of Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Albany , California

The fresh data offer the latest evidence that the Fed’s push to control rapid price increases is beginning to work. Investors have been betting that Fed officials will leave rates unchanged at their meeting this week, breaking their long streak of increases. Even so, many investors continue to expect that Fed officials will restart rate increases in July. That “core” price index rose 5.3 percent in May compared with a year earlier. And price increases for goods excluding motor vehicles remained positive, instead of subtracting from inflation as some economists have been expecting.

Persons: “, ” Laura Rosner, Warburton, Airfares, Ms, Rosner, Jerome H, Powell Organizations: Federal Reserve, Fed, Mortgage, Association

The average 30-year mortgage rate is 6.71%, according to Freddie Mac — this time last year, it was 5.23%. A competitive market can keep mortgage rates high and homes expensive. 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, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

The average 30-year mortgage rate is 6.71% this week, according to Freddie Mac, while it was at 6.35% on May 11. The good news is that 30-year and 15-year fixed mortgage rates have dropped a little since last week. If the Fed pauses rates, this would likely take the upward pressure off of mortgage rates. 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, you'll, Fannie Mae Organizations: Federal Reserve, 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 Inch Up (+0.03%)The current average 30-year fixed mortgage rate 6.47%, up three basis points since this time last week. 20-year Fixed Mortgage Rates Increase (+0.18%)The average 20-year fixed mortgage rate is up from last weekend and sits at 6.25%. 15-year Fixed Mortgage Rates Go Up (+0.10%)The average 15-year fixed mortgage rate is 5.78%, an increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.20%)The average 30-year refinance rate is 6.66%, down since last weekend.

Persons: you'll, It's, refinance Organizations: Mortgage Bankers Association, Zillow Locations: Chevron

☆ The Hottest Thing in Real Estate Is a Loan From Two Years Ago
▼ + stars: | 2023-06-10 | by ( Conor Dougherty | ) www.nytimes.com time to read: +2 min

From the pedestrian to the dodgy, it all seems to underscore the manner in which the nation’s real estate market has been frozen by regret. In lieu of acceptance, a determined few are trying to use imagination and fine print to build a portal to the cheap-money days of 2021. In theory, any of the millions of homeowners holding a assumable low-rate mortgage have a valuable perk to sell with their home. Still, real estate agents say it can be hard in practice to transfer them. For instance, homeowners who transfer a V.A.-backed mortgage can lose their ability to get another similar loan unless they can find a V.A.-eligible buyer to take their original mortgage.

Persons: ”, influencers, “ It’s, Scott Trench, Sellers, Michael Fratantoni, Black Knight Organizations: Federal Housing Administration, Department of Veterans Affairs, Department of Agriculture, Mortgage, Association Locations: U.S

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