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Average 30-year mortgage rates decreased four basis points from last week and are now at 6.35%, according to Freddie Mac. This should bode well for the trajectory of mortgage rates over the long-term." As inflation comes down and the economy slows, mortgage rates are expected to continue trending down this year. 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.

☆ Mortgage rates tick down for the second week in a row
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%. “This should bode well for the trajectory of mortgage rates over the long term.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

Average 30-year mortgage rates are down slightly today, though they're still elevated compared to last week. See more mortgage rates on Zillow Real Estate on ZillowToday's Refinance RatesMortgage 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

The Mortgage Bankers Association expects that 30-year mortgage rates will finally dip back below 6% in the third quarter of this year, and that they'll end 2023 around 5.5%. 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 RatesThe current average 30-year fixed mortgage rate is 6.39%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.76%, a slight increase from the prior week, according to Freddie Mac data.

☆ Mortgage demand surged after Fed signaled potential pause in rate hikes
▼ + stars: | 2023-05-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell slightly last week after the Federal Reserve chairman suggested a potential end to a historic string of interest rate hikes. The drop wasn't substantial, but it was enough to boost demand from current homeowners hoping to refinance their mortgages to lower rates. Mortgage rates for all surveyed loan types decreased over the week. Mortgage rates rose sharply to start this week, according to a separate survey from Mortgage News Daily. Any large divergence from expectations, in either direction, could move bond yields, and consequently mortgage rates, decisively.

☆ Commercial real estate lending plunged 56% last quarter as 'logjam' of uncertainty clogged the market
▼ + stars: | 2023-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Commercial real estate lending more than halved last quarter compared to the prior year. In the first quarter, commercial real estate mortgage loans plunged 56% compared to a year ago, and loans dropped 42% from the fourth quarter. "Uncertainty and volatility in regards to interest rates and property values, and supply demand imbalances for some property types, has led to a logjam in commercial real estate sales and financing markets," MBA's head of commercial real estate research Jamie Woodwell said in a statement. Meanwhile, there's nearly $450 billion in commercial real estate loans that's set to mature in 2023 and will need to be renegotiated. JPMorgan estimated around 20% of commercial real estate loans could default.

☆ Quiet quitting hits the housing market: Tight inventory and still-high mortgage rates keep would-be buyers sidelined
▼ + stars: | 2023-05-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Today we're talking housing — but before we get to that, the big thing to watch today is President Joe Biden's meeting with congressional leaders. Joe Raedle/Getty ImagesThe housing market seems to be taking a page from the labor market's playbook right now. Daryl Fairweather, Redfin's chief economist took to Twitter last week to describe the sluggish sector:"Homeowners are quiet quitting the housing market." In effect, more and more homeowners are choosing to stay put with their low mortgage rates locked in, rather than trying to finance a new home at rates that are hovering around 20-year highs. That's due mostly to high rates causing homes to sit on the market longer than usual, which leads to accumulating inventory.

☆ Mortgage Fees, (Seriously), Spurred Outrage on TikTok. Here’s Why.
▼ + stars: | 2023-05-07 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Mortgage fees usually induce yawns and glazed-over eyes. But when word began circulating last month that updated pricing would cost some home buyers more, it resulted in viral TikTok videos with thousands of outraged comments misinterpreting the new rules. Many critics raised similar questions: Why were some borrowers with lower credit scores and down payments receiving improved pricing on their mortgage rates, while others with high credit scores and larger down payments were being charged more? To clear up any confusion, the federal regulator behind the new pricing had to issue a statement: Sparkling credit still pays. “You still get a better rate and loan pricing if you make a higher down payment and have better credit,” said Bob Broeksmit, president and chief executive of the Mortgage Bankers Association, an industry trade group.

Mortgage rates have been somewhat volatile in recent weeks, but they've trended down a bit over the past few days. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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.

For those who are in the market to buy a home, it could be worth waiting a couple of months to see if rates drop further. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Average 30-year mortgage rates and 15-year mortgage rates both decreased this week and are now back at the exact same levels they were two weeks ago, according to Freddie Mac. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage rates remain volatile, tick down after climbing for two weeks
▼ + stars: | 2023-05-04 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The only thing consistent about mortgage rates right now is that they are volatile in the wake of mixed economic signals and recent bank failures. Mortgage rates ticked down this week, after climbing for two weeks in a row. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Analysts have said that recent bank failures are doing some of the Fed’s work on reducing inflation for it. The move is unlikely to have a big impact on mortgage rates, as the move was already factored in for most investors said Xu.

☆ The housing market is showing signs of a rebound as cancellations for homes under construction drop to levels last seen during the pandemic buying boom
▼ + stars: | 2023-05-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The rate of cancellations has dropped nearly to what was seen during the peak of the pandemic housing boom. A March survey by John Burns Research and Consulting found that builders reported an aggregate cancellation rate of 9% for purchases of new homes under construction. KB Home, for example, said its cancellation rate for the first three months of 2023 stood at 36%, down from 68% the quarter prior. "As we entered the spring selling season during the quarter, we began to see an increase in [housing] demand," Jeffrey Mezger, chief executive of KB Home said in March. "This reflected in part the targeted sales strategies we deployed, together with a stabilizing mortgage interest rate environment.

☆ Mortgage demand drops as bank failures hit jumbo loan rates
▼ + stars: | 2023-05-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

That is likely because today's buyers are hypersensitive to mortgage rates, which have been fluctuating widely week to week but which are still considerably higher than they were a year ago. Mortgage applications to purchase a home dropped 2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan increased 1% from the previous week but were 51% lower than the same week one year ago. The refinance share of mortgage activity rose to 27.2% of total applications from 26.8% the previous week. Mortgage rates were volatile to start this week, with more concern over bank failures and a much-anticipated Federal Reserve meeting Wednesday.

☆ Housing affordability drops as home prices stay elevated and average mortgage costs jumped in March
▼ + stars: | 2023-05-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Housing affordability dropped in March as low inventory kept home prices elevated, the MBA said. Meanwhile, the average mortgage payment for new applicants increased 1.6% over the month of March. That's largely due to low inventory in the housing market, the MBA said, which has kept home prices high despite downward pricing pressure that usually comes with higher mortgage rates. New listings of homes for sale dropped over 20% in April compared to a year earlier, Redfin reported, marking the steepest drop in housing inventory since the pandemic. Central bankers raised rates over 1,700% in the past year to lower inflation, a move that's influenced mortgage rates to move higher as well.

Aftter dropping dramatically in March and early April, mortgage rates have been inching back up the last two weeks. Mortgage rates are rising in anticipation of this increase. 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.

Mortgage rates have increased slightly but remain well below their peak in early March, when 30-year mortgage rates surpassed 6.7%. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Average 30-year mortgage rates have ticked up over the last couple of weeks. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage rates tick up for the second week in a row
▼ + stars: | 2023-04-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Mortgage rates inched up again this week. Even though rates ticked up for the second week in a row, with the rate of inflation decelerating, mortgage rates should gently decline over the course of the rest of this year, said Sam Khater, Freddie Mac’s chief economist. Still, despite slightly higher rates last week, purchase applications increased last week from the week before, according to the Mortgage Bankers Association. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Buyers who need to buy this spring are going ahead with their mortgage applications, said Broeksmit.

☆ The wild swings in US rental prices are finally easing as apartment rents stabilize around $1,500, listing service says
▼ + stars: | 2023-04-27 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The national median price for a one-bedroom apartment is $1,495 in April, flat month over month. For a two-bedroom place, the national median price of $1,842 was up by 0.5%. One-bedroom median rent over the last month was down in 39 of the top cities tracked by Zumper. The report also found the one-bedroom median price was up 6% year over year, lower than the double-digit increases throughout much of 2021 and 2022. New York City ranked first in a list of median prices for one-bedroom apartments at $3,570, followed by Jersey City, NJ, at $3,000.

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

☆ Mortgage demand rebounds, even as interest rates hit the highest level in over a month
▼ + stars: | 2023-04-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The recent softening in home prices may be helping homebuyers swallow higher mortgage rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "As a result of the higher yields, mortgage rates increased for the second straight week to their highest level in over a month." Despite higher rates, mortgage applications to buy a home, which had plummeted the week before, rose 5% last week. Mortgage rates fell slightly to start this week, as investors digested news of regional bank earnings as well as concern over the debt ceiling.

☆ No, there aren't more cash buyers in real estate these days
▼ + stars: | 2023-04-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +3 min

Buyers who need a mortgage are waiting for rates to fall, causing the share of cash buyers to rise. "It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market." Mortgage rates have been edging lower over the past month and a half, but experienced a small uptick this past week. Researchers at Fannie Mae predicted that 30-year fixed mortgage rates will trend down throughout 2023 and 2024. "There were fewer cash buyers to leave the market than purchase mortgage buyers."

But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. Today's Mortgage RatesThe current average 30-year fixed mortgage rate is 6.39% for the week ending April 20, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowShould I Get a HELOC? This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ 5.5% may be a magic number for mortgage rates
▼ + stars: | 2023-04-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Mortgage rates more than doubled over the past year, reaching as high as 7.08% in November, according to Freddie Mac’s average weekly mortgage rate for a 30-year fixed rate loan. The survey found that 5.5% mortgage rates seem to be the tipping point. A majority of respondents — 71% — said they are not willing to accept a mortgage rate above 5.5%. Looking at forecasts of mortgage rates for the rest of the second quarter of 2023, no major forecast is even predicting rates under 6%. Furthermore, 5.5% is lower than the historical average for mortgage rates.

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