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☆ These are the 10 most affordable US cities to live in with mortgage rates near multi-decade highs, according to Bank of America
▼ + stars: | 2023-09-20 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Mortgage rates are at their highest levels since the early 2000s after slipping late last year, while home price growth has ticked back up this summer after steadily falling from its pandemic peak. Mortgage rates are near multi-decade highs right now. Many people are bailing on big, pricey citiesBut not all US cities are equally affected by lofty mortgage rates and elevated property prices. 10 highly affordable US citiesProspective property owners priced out of costly cities and squeezed by historically high mortgage rates may want to look at homes in the most affordable US markets. Below are the 10 US markets with the highest affordability values as of the most recent data, according to Bank of America and the National Association of Realtors.

Persons: Freddie Mac, BofA Organizations: Federal Reserve, Bank of America, National Association of Realtors ., Denver, The Sunshine, National Association of Realtors, NAR Locations: San Jose , Los Angeles, Anaheim, National Association of Realtors . Florida, Colorado, Miami, Naples, Boulder, Angeles, New York, San Francisco, Seattle, Jacksonville , Florida, Columbus , Ohio, Austin , Texas, San Antonio , Texas, Tampa , Florida, Orlando , Florida

☆ Home prices are expected to rise in 2024: 'There are simply not enough homes' to meet demand, says economist
▼ + stars: | 2023-09-20 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Despite a recent slump, home prices are expected to continue to rise in 2024, according to a number of research firms that specialize in real estate forecasts, including Freddie Mac, Zillow and the National Association of Realtors. That's because homes aren't being built fast enough to keep up with demand, which puts upward pressure on prices, says Lawrence Yun, NAR chief economist at the National Association of Realtors. With too few homes for too many buyers, NAR expects home prices to rise by 2.6% in 2024. "There are simply not enough homes for sale," Yun said in a recent report. "The market can easily absorb a doubling of inventory."

Persons: Freddie Mac, Lawrence Yun, Yun, Freddie Mac's Organizations: National Association of Realtors, NAR Locations: United States

☆ The Federal Reserve leaves rates unchanged. Here's how it impacts your money
▼ + stars: | 2023-09-20 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

As the federal funds rate rose, the prime rate did as well, and credit card rates followed suit. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Already, the average rate for a HELOC is up to 9.12%, the highest in 22 years, according to Bankrate. Student loansFederal 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: that's, Matt Schulz, Sam Khater, Freddie Mac's, Greg McBride Organizations: Treasury, Bankrate.com, LendingTree

☆ The US housing market is headed for the largest sales slowdown since 2011, Fannie Mae says
▼ + stars: | 2023-09-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US home sales are headed for the largest slowdown since 2011, according to Fannie Mae. That's due to headwinds like higher mortgage rates, amid a weakening US economy. That figure will only improve slightly in 2024, with total home sales expected to hit 4.9 million, Fannie Mae economists said. Optimists who say the US is on track to avoid a recession have pointed to still-robust consumer spending, but current trends look unsustainable when considering incomes, Fannie Mae said. Experts say housing affordability and sales are unlikely to improve until mortgage rates dial back more significantly, likely to around the 5% range.

Persons: Fannie Mae, That's, Freddie Mac Organizations: Service, Fed Locations: Wall, Silicon, Real

☆ US housing starts hit three-year low; surge in permits point to underlying strength
▼ + stars: | 2023-09-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The decline in housing starts reported by the Commerce Department on Tuesday was the largest in a year and occurred across the board. Housing starts tumbled 11.3% to a seasonally adjusted annual rate of 1.283 million units last month, the lowest level since June 2020. Data for July was revised lower to show starts accelerating to a rate of 1.447 million units instead of the previously reported 1.452 million units. Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a rate of 941,000 units last month. They were boosted by a 14.8% surge in multi-family housing permits to a rate of 535,000 units.

Persons: Mike Blake, homebuilding, Daniel Vielhaber, Hilary, Freddie Mac, Goldman Sachs, Nancy Vanden Houten, Jeffrey Roach, Lucia Mutikani, Chizu Nomiyama, Paul Simao, Andrea Ricci Organizations: REUTERS, Commerce Department, Federal, Nationwide, Reuters, U.S, Treasury, National Association of Home Builders, Oxford Economics, Realtors, LPL Financial, Thomson Locations: Rancho, San Diego , California, U.S, WASHINGTON, Columbus , Ohio, homebuilding, Northeast, Midwest, Wells Fargo, New York, Charlotte , North Carolina

Mortgage rates have generally been steady so far this month, with average 30-year mortgage rates hovering around 7%. 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 RatesLast week's average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.51% 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: you'll, Freddie Mac Organizations: Zillow, Federal Reserve Locations: Chevron

☆ The Federal Reserve may not hike interest rates this week. What that means for you
▼ + stars: | 2023-09-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Artistgndphotography | E+ | Getty ImagesThe Federal Reserve is likely to skip an interest rate hike when it meets this week, experts predict. The central bank has already raised interest rates 11 times since last year — the fastest pace of tightening since the early 1980s. The average rates for a 30-year, fixed-rate mortgage "remain anchored north of 7%," said Sam Khater, Freddie Mac's chief economist. Auto loan rates top 7%Even though auto loans are fixed, payments are getting bigger because the price for all cars is rising along with the interest rates on new loans. 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.

Persons: Greg McBride, that's, Sam Khater, Freddie Mac's, McBride Organizations: Finance, Money, Homeowners, U.S, Treasury, Auto Locations: LendingTree, Federal

Mortgage rates haven't been as volatile this month as they have been in previous months. Price growth accelerated a bit last month, according to the latest CPI report, but prices have overall been cooling, which is good news for mortgage rates. 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 7.18%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.51% last week, a 1-point drop compared to the prior week, according to Freddie Mac data.

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

Mortgage rates have been holding relatively steady, with 30-year mortgage rates hovering right around 7%. But we could still see some movement with mortgage rates depending on the commentary coming out of the meeting. Unless the Fed opts for a surprise hike, policy decisions made at this week's meeting shouldn't move mortgage rates. 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 was 6.51% this week, according to Freddie Mac data.

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

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

Average 30-year mortgage rates continue to hover right around 7%, ticking up just a few basis points overall this week, according to Freddie Mac. In spite of the slightly-hot report, mortgage rates have been relatively steady this week, with 30-year rates increasing just 6 basis points to 7.18%. Average 15-year mortgage rates went down a single basis point to 6.51%. 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: of Labor Statistics, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

Mortgage rates have been holding relatively steady, with average 30-year mortgage rates hovering around 7%. We'll likely need to see some more slowing before mortgage rates drop enough to bring more homebuyers back on the market. 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 RatesLast week's average 30-year fixed mortgage rate was 7.12%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.52% last week, according to Freddie Mac data.

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

Mortgage rates are a little lower now compared to where they ended last week. 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 7.12%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.52% last week, a three-point drop compared to the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

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

Average 30-year mortgage rates have inched down 11 basis points from where they peaked in late August, according to Freddie Mac. If the CPI comes in higher than expected, mortgage rates may inch up a bit and stay elevated for longer. 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 RatesThe average 15-year mortgage rate was 6.52% last week, according to Freddie Mac data. 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: Federal Reserve, Fed, Zillow Locations: Chevron

Average 30-year mortgage rates dropped a bit overall last week, according to Freddie Mac, but they're still above 7%. If price growth continues to show signs of cooling, mortgage rates could recede somewhat. 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 Organizations: Bureau of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates ticked up later in the week and remain elevated today. According to Freddie Mac, 30-year mortgage rates have been above 7% for four weeks now, and it's unclear if they'll drop back down anytime soon. 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: Freddie Mac, you'll, Fannie Mae Organizations: Mortgage Bankers Association, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

☆ Most first-time homebuyers don't put down 20%, expert says. Here's how much you may need
▼ + stars: | 2023-09-08 | by ( Annie Nova | ) www.cnbc.com time to read: +3 min

But you probably don't need as much money as you think. In the following decades, many government-backed mortgages mandated a 20% down payment. The typical house in the U.S. has a median price of around $400,000. Applying the 20% rule would mean you'd need $80,000. Some states, cities and other groups have programs that award grants to homebuyers that bolster their down payment or help cover closing costs.

Persons: SurveyMonkey, Jessica Lautz, Lautz, Freddie Mac, Daniel Brennan Organizations: Istock, CNBC, National Association of Realtors, U.S . Department of Agriculture, Federal Housing Administration, Department of Veterans Affairs, Bank Locations: U.S, Arizona, Maine

☆ U.S. mortgage rates fall for a second week but hold above 7%
▼ + stars: | 2023-09-07 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

NEW YORK, Sept 7 (Reuters) - Key U.S. mortgage interest rates fell for a second week but held above 7% and remained near the highest in decades, according to a survey released Thursday by housing finance giant Freddie Mac. The average contract rate on 30-year-fixed-rate mortgages declined to 7.12% as of Thursday from 7.18% the prior week, Freddie Mac said. Mortgage rates climbed steadily over the past two years on the back of the Federal Reserve's rate hikes, and they recently spiked to the highest rate in more than two decades. A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS/Sarah Silbiger/File Photo Acquire Licensing Rights“For the fourth consecutive week, the 30-year fixed-rate mortgage hovered above 7%,” said Sam Khater, chief economist at Freddie Mac.

Persons: Freddie Mac, Sarah Silbiger, ”, Sam Khater, Andrew Flowers, Amina Niasse, Cynthia Osterman Organizations: REUTERS, Appcast Inc, Thomson Locations: Washington , U.S

The MBA also reported that the average 30-year mortgage rate applicants received fell to 7.21%, a 10-basis-point decrease from the week before. 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 RatesLast week's average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.55% 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: they've, Joel Kan, you'll, Freddie Mac Organizations: Mortgage, Survey, Zillow, Federal Reserve Locations: Chevron

These are tough times for the housing market. Meanwhile on Wednesday, the Mortgage Bankers Association said mortgage applications have plunged 28% since last year and are now at the lowest level since late 1996. After two years of a pandemic-fueled housing market frenzy and another year of rising rates and tight inventory, consumers are weary. During the pandemic, as the Federal Reserve moved to lower interest rates, mortgage rates fell to 3% and below, prompting a wave of refinancings. “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,” said Joel Kan, deputy chief economist at the Mortgage Bankers Association.

Persons: Freddie Mac’s, ”, Lisa Sturtevant, ” Sturtevant, Joel Kan, Redfin, Niko Voutsinas Organizations: Mortgage Bankers Association, National Association of Home Builders, Housing, Bright MLS, “, Federal Reserve, Mortgage, Association Locations: Washington, Chicago

Mortgage rates fell toward the end of August, with 30-year mortgage rates dropping below 7%. Mortgage rates don't directly follow the federal funds rate, but Fed policy moves often lead to mortgage rates increasing or decreasing. It's even possible that the central bank will cut rates sometime next year, which could cause mortgage rates to fall even further. 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 7.18%, according to Freddie Mac.

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

☆ This income fund has a yield of more than 5%, and is cheap compared to its peers
▼ + stars: | 2023-09-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Weitz Core Plus Income Fund (WCPNX) , which Carney co-manages with Nolan Anderson, received five stars and a bronze rating from Morningstar. Aggregate Bond Index]," Carney said. Enter, asset-backed securities. Asset-backed securities (ABS) follow in second place, making up 27.6% of the portfolio. As a result, participating in the asset-backed securities space requires a granular level of due diligence.

Persons: Tom Carney, Weitz, Carney, Nolan Anderson, Morningstar, WCPNX, There's, that's, Fannie Mae, Freddie Mac Organizations: Morningstar, Bloomberg Barclays U.S, Universal Bond, SEC, Bloomberg U.S, Aggregate Bond, Federal Reserve Bank of New, BBB, U.S, Fed Locations: Federal Reserve Bank of New York

☆ Lumber prices defy the most recent surge in mortgage rates to extend 3-day rally to 10%
▼ + stars: | 2023-09-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Lumber prices staged a 3-day rally of 10% despite continued headwinds in the housing market. The average 30-year mortgage rate closed in on 6% this week, hitting its highest level since 2008. The gains come despite continued headwinds in the housing market, particularly a surge in mortgage rates. Another builder in Harrisburg said it saw a big uptick in buying activity when mortgage rates briefly dipped in early August to 5%, signaling how strongly correlated mortgage rates are to home sales. There has been little lag between mortgage rates and a hike in the Federal Funds Rate, as has been seen when the Fed first began raising rates in March, precisely when mortgage rates also began to soar.

Persons: Homebuilders, doesn't bode, Freddie Mac, John Burns, Austin Organizations: Service, John Burns Real Estate Consulting, Federal Reserve, Fed Locations: Wall, Silicon, Tampa, Harrisburg, Philadelphia

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 RatesLast week, the average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year mortgage rate was 6.55% last week, according to Freddie Mac data. 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: Zillow Locations: Chevron

But the economy has overall been cooling, and mortgage rates should fall further soon in response. 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 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year mortgage rates sit at 6.55% this week, according to Freddie Mac data.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Federal Reserve, Zillow Locations: Chevron

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