DIRS.INFO The most relevant business & tech news

After first spiking above 7% earlier this month, 30-year mortgage rates are back down and hovering just under 7%. The June CoreLogic S&P Case-Shiller Index data, released Tuesday, showed that high mortgage rates are continuing to affect home prices. 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 7.23%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate was 6.55% last week, according to Freddie Mac data.

Persons: CoreLogic, Selma Hepp, Freddie Mac, it's Organizations: Zillow Locations: Chevron

☆ Case Shiller: Home prices rose for the fifth straight month in June
▼ + stars: | 2023-08-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home prices rose again in June, marking the fifth successive month of gains, and remaining near the all-time highs notched a year ago. Prices rose 0.7% from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. While home prices have remained strong in 2023, stubbornly high mortgage rates complicate the situation for potential homebuyers, said Selma Hepp, CoreLogic’s chief economist. Home prices in San Francisco were down 9.7% from a year ago and Seattle prices fell by 8.8%. “Many existing homeowners remain on the sidelines of the market, content to stay put as mortgage rates reach 20-year highs,” said Jones.

Persons: ”, Craig Lazzara, Selma Hepp, Hannah Jones, Freddie Mac, Jones Organizations: DC CNN, Realtor.com, ” Builders, “ Locations: Washington, “, Midwest, New England, Cities, Chicago, Cleveland, New York, West, San Francisco, Seattle

☆ A key stat suggests the housing market won't see 'cascading' price drops anytime soon
▼ + stars: | 2023-08-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Fannie Mae reported that the single-family serious delinquency rate is down 0.54% in July. Housing expert Bill McBride pointed to the data as reason not to expect widespread home price declines. AdvertisementAdvertisement"Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic," McBride wrote. Single Family Serious Delinquency Rates Calculated RiskThe decline in serious delinquencies point to low rates of foreclosures, which in turn suggest stable prices. The dynamic was on display in 2008, when a wave of bank foreclosures dragged the US housing market down, with prices plummeting as much as 20% in parts of the country.

Persons: Fannie Mae, Bill McBride, Freddie Mac, McBride Organizations: Service Locations: Wall, Silicon

☆ Op-Ed: Less affordable homes don't just ruin American dreams, they're a threat to the economy
▼ + stars: | 2023-08-25 | by ( Michael Farr | Keith B. Davis | ) www.cnbc.com time to read: +5 min

The National Association of Realtors said earlier this month that its housing affordability index fell during the second quarter to its lowest level on record. Not coincidentally, the first quarter of 2021 turned out to the be peak in housing affordability. The consequence has been the massive drop in housing affordability to new lows. But still, housing affordability is as low as it's been since at least 1986. Given its importance to the wider economy, a robust housing market will likely be a precondition to achieving a relatively seamless transition to long-term economic expansion.

Persons: It's, Freddie Mac, Justin Lahart, it's Organizations: National Association of Realtors, Fed

☆ The housing market has gotten so unaffordable that Zillow is now offering prospective homebuyers a 1% down payment option
▼ + stars: | 2023-08-25 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The company is offering prospective homebuyers the option to put a 1% down payment on a house. The record-low 1% down payment target offered by Zillow beats out Freddie Mac's mortgage option of just a 3% down payment. But the 1% down payment option doesn't solve the housing affordability crisis, as smaller down payments lead to bigger monthly mortgage payments because borrowers have to take on more debt. Zillow's new down payment option comes as the company is expanding to be more than a platform to browse homes for sale. It seeks to become a one-stop shop for prospective homebuyers, offering direct access to real estate agents and home loans underwritten by them.

Persons: Zillow, Freddie, It's Organizations: Service, Zillow Locations: Wall, Silicon, Arizona, Phoenix , Arizona

☆ US mortgage rates soar to 7.23%, a 22-year high
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US mortgage rates continued to surge this week, rising to their highest level since 2001. The 30-year fixed-rate mortgage averaged 7.23% in the week ending August 24, up from 7.09% the week before, according to data from Freddie Mac released Thursday. Indications of ongoing economic strength will likely keep mortgage rates where they are or send them higher in the short term, said Sam Khater, Freddie Mac’s chief economist. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since June 2001, when it was 7.24%. Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign, sending home affordability to its lowest level in several decades.

Persons: Freddie Mac, Sam Khater, Freddie Mac’s Organizations: DC CNN Locations: Washington

☆ Bond rout will amplify Powell’s Jackson Hole words
▼ + stars: | 2023-08-23 | by ( Ben Winck | ) www.reuters.com time to read: +3 min

U.S. Federal Reserve Chair Jerome Powell testifies before a House Financial Services Committee hearing on "The Federal Reserve's Semi-Annual Monetary Policy Report" on Capitol Hill in Washington, U.S., June 21, 2023. REUTERS/Jonathan Ernst Acquire Licensing RightsWASHINGTON, Aug 23 (Reuters Breakingviews) - The U.S. Federal Reserve might be done hiking rates, but the bond market has only just gotten started. That poses a lofty challenge for Fed Chair Jerome Powell when he speaks at the Jackson Hole, Wyoming symposium on Friday: calm the Treasury market without undoing the Fed’s own tightening. He can reiterate that, while the Fed keeps an eye on markets, its next policy decision rests on economic data, not ever-shifting bond yields. The U.S. Federal Reserve holds its annual symposium in Jackson Hole, Wyoming from Aug. 24 to Aug. 26.

Persons: Jerome Powell, Jonathan Ernst, Freddie Mac, CreditCards.com, Powell, Powell won’t, Christine Lagarde, Francesco Guerrera, Sharon Lam Organizations: Federal, Financial, REUTERS, Rights, Reuters, U.S . Federal, Futures, Fed, Treasury, U.S . Federal Reserve, European Central Bank, Thomson Locations: Washington , U.S, Government, , Wyoming, Jackson Hole , Wyoming

☆ US home prices rose in July after 5 months of declines
▼ + stars: | 2023-08-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home buyers have a new challenge in addition to mortgage rates above 7%: Prices are rising again, reversing five months of year-over-year declines, according to a National Association of Realtors report released Tuesday. Prices rose in the Northeast, Midwest and South but were unchanged in the West in July, the NAR report found. Current homeowners are refusing to sell and are hunkering down with their ultra-low mortgage rates that are at least half the current rates. Sales of existing homes — which include single-family homes, townhomes, condominiums and co-ops — dropped below expectations and were down 2.2% from June to July. “Two factors are driving current sales activity — inventory availability and mortgage rates,” said NAR chief economist Lawrence Yun.

Persons: —, ”, Lawrence Yun, Freddie Mac, Melissa Cohn Organizations: DC CNN, National Association of Realtors, NAR, ”, William, Mortgage Locations: Washington, Northeast, Midwest, West

☆ US existing home sales drop, but prices up from a year earlier
▼ + stars: | 2023-08-22 | by ( Safiyah Riddle | ) www.reuters.com time to read: +3 min

Sales fell in the Northeast, Midwest and South, but rose in the West. Home resales, which account for a big chunk of U.S. housing sales, fell 16.6% on a year-on-year basis in July. At July's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 3.2 months a year ago. The median existing house price rose 1.9% from a year earlier to $406,700 in July, the fourth time it has topped $400,000. "Two factors are driving current sales activity - inventory availability and mortgage rates," said Lawrence Yun, the NAR's chief economist.

Persons: Sarah Silbiger, Freddie Mac, Lawrence Yun, Safiyah Riddle, Paul Simao Organizations: REUTERS, National Association of Realtors, Reuters, Federal, Thomson Locations: Washington , U.S, Northeast, Midwest

☆ What mortgage rates over 7% mean for the housing market
▼ + stars: | 2023-08-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —An already miserably unaffordable housing market is getting more expensive. As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. “The fact that we are seeing rates at these highs is having an impact on the housing market,” Freedman said. “That’s bad news for mortgage rates which correspondingly may rise to 8%,” he said. “We thought mortgage rates would be much lower by now,” she said.

Persons: Freddie Mac, “, ”, Bess Freedman, Brown Harris Stevens, Freedman, ” Freedman, Buyers, ” Lawrence Yun, Yun, Jessica Lautz, we’d, Melissa Cohn, Cohn, “ Banks, ” Cohn Organizations: DC CNN, Federal, National Association of Realtors, NAR, “, Fed, William, Mortgage, ” Fed, Treasury Locations: Washington

Mortgage rates and home prices have spiked over the past couple of years, making homebuying more expensive than ever. High mortgage rates coupled with high home prices have made buying a house significantly more expensive than it's been in previous years. 5 advantages of buying a house when mortgage rates are highThere's no perfect time to buy a house. But mortgage rates are expected to drop throughout the next couple of years. According to the Mortgage Bankers Association's latest forecast, mortgage rates could drop below 5% by the end of 2024.

Persons: Freddie Mac, they're, Sarah Alvarez, You'll, Melissa Cohn, they've, Cohn, Alvarez, it's Organizations: Service, Privacy, Finance, Gallup, Census Bureau, Department of Housing, Urban, William, Mortgage Locations: Wall, Silicon

☆ Mortgage rates soar to their highest level in 21 years
▼ + stars: | 2023-08-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC (CNN) US mortgage rates surged this week, rising to their highest level in 21 years. The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before , according to data from Freddie Mac released Thursday. This week's average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%. Mortgage rates have spiked during the Federal Reserve's historic rate-hiking campaign sending home affordability to its lowest level in several decades. "The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb," said Sam Khater, Freddie Mac's chief economist.

Persons: Freddie Mac, Sam Khater, Freddie Mac's Organizations: CNN, Treasury Locations: Washington

☆ U.S. Mortgage Rate Jumps to Highest Level Since 2002
▼ + stars: | 2023-08-17 | by ( Gregory Schmidt | More About Gregory Schmidt | ) www.nytimes.com time to read: 1 min

Mortgage rates jumped to a 21-year high this week, climbing back above 7 percent and making it even harder for buyers to afford homes in an already difficult market. The average 30-year fixed-rate mortgage — the most popular home loan in the United States — was 7.09 percent, up from 6.96 percent last week, Freddie Mac said on Thursday. A year earlier, the 30-year rate was 5.13 percent. The current rate is the highest since April 2002. In the intervening period, home buyers enjoyed years of falling rates, which even dipped below 3 percent at the beginning of the pandemic.

Persons: United States —, Freddie Mac Locations: United States

☆ The housing market is at 'rock bottom,' says Redfin's CEO, as high rates and prices take their toll
▼ + stars: | 2023-08-17 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

High mortgage rates and price increases have meant fewer property listings. The market has hit "rock bottom," Redfin CEO Glenn Kelman told MarketWatch. Redfin CEO Glenn Kelman says it's hit "rock bottom." Kelman told MarketWatch that higher house prices have played a part in reducing mobility for young people in the US. "Apartments are expensive and houses are expensive, so I think household formation is going to be low," he said.

Persons: Glenn Kelman, it's, Freddie Mac, " Kelman, Kelman Organizations: Service Locations: Wall, Silicon

☆ US 30-year fixed mortgage rate jumps to near 21-1/2-year high
▼ + stars: | 2023-08-17 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Octavio Jones/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. mortgage rates surged this week, with the popular 30-year fixed rate hitting the highest level in more than 21 years, further complicating the housing market outlook. The average 30-year rate shot up to 7.09%, the highest level since April 2002, from 6.96% in the prior week, mortgage finance agency Freddie Mac said on Thursday. But sky-high mortgage rates could temper recent building trends, keeping supply tight and house prices elevated. Higher mortgage rates were blamed for the ebb in confidence among homebuilders in August. "The housing market has been surprisingly resilient, confounding expectations for the last year," said Bright MLS chief economist Lisa Sturtevant.

Persons: Octavio Jones, Freddie Mac, Freddie Mac's, Sam Khater, Lisa Sturtevant, Safiyah Riddle, Diane Craft Organizations: REUTERS, Federal Reserve, U.S, Commerce Department, MLS, Thomson Locations: Tampa , Florida, U.S

☆ Homeowners are tapping into home equity to get cash
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

That means homeowners are now collectively sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve. Other reasons that borrowers gave for taking out a HELOC or home equity loan included debt consolidation and emergency cash management. Hidden source of valueA homeowner’s equity in their home can be a tremendous source of wealth. A homeowner’s equity will fluctuate over time as they make payments on their mortgage and real estate market dynamics impact the current value of the home. Mortgage balances stay high because of home equity loansNationally, mortgage balances remain near record highs as some people turn to home equity loans, rather than HELOCs, according to a quarterly report from TransUnion.

Persons: ”, Marina Walsh, ” Walsh, HELOC originations, Joe Mellman, Freddie Mac, Mellman Organizations: DC CNN, Louis Federal Reserve, Equity Lines of, Mortgage, Association, TransUnion, “, refinances Locations: Washington, originations, U.S

☆ US housing starts surge in boost to economy
▼ + stars: | 2023-08-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The sharp rebound in groundbreaking on single-family housing units reported by the Commerce Department on Wednesday was another sign of the economy continuing to defy dire forecasts of a recession. Single-family housing starts, which account for the bulk of homebuilding, jumped 6.7% to a seasonally adjusted annual rate of 983,000 units last month. The increase in groundbreaking was led by the West, where single-family starts soared 28.5%. Overall housing starts increased 3.9% to a rate of 1.452 million units in July. TIGHT SUPPLYDespite the rise in starts, housing supply is likely to remain tight.

Persons: Mike Blake, homebuilding, Christopher Rupkey, Freddie Mac, Nancy Vanden, Daniel Silver, Goldman Sachs, Lucia Mutikani, Chizu Organizations: REUTERS, WASHINGTON, Commerce Department, Federal, National Association of Home Builders, Reuters, Oxford Economics, Treasury, Realtors, U.S, Fed, JPMorgan, Thomson Locations: San Marcos , California, U.S, New York, homebuilding, Nancy Vanden Houten, Midwest

☆ Middle class Americans are moving straight into fire and drought because they can't afford to live in the cities that are safer from climate change
▼ + stars: | 2023-08-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rising housing costs have helped push Americans into parts of the country more vulnerable to climate change. The trend shows how the burden of climate change is falling disproportionately on less affluent people. Rather than leaving areas at high risk of natural disasters and other climate issues, more Americans are moving into them. But if lower-risk cities continue to price people out, the burden of climate change will fall even more disproportionately on less affluent communities. A recent Brookings Institution report recommended several ways that policymakers can encourage Americans to seek climate safety.

Persons: Hurricane Harvey, Freddie Mac, Rich, homebuyers, Jenny Schuetz, Julia Gill Organizations: Service, Brookings, Federal Housing Finance Agency Locations: New York, San Francisco, Southern, Florida, Houston, West, Bend , Oregon

Mortgage rates have had a volatile start to 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 6.96%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.34% this 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, you'll, Freddie Mac Organizations: Labor Statistics, Zillow, Federal Reserve Locations: Chevron

High mortgage rates this year have made it difficult for aspiring homebuyers to afford a house. See more mortgage rates on Zillow Real Estate on ZillowCurrent 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 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 6.34%, up nine points from the prior week, according to Freddie Mac data.

Persons: homebuyers, Lawrence Yun, you'll, Freddie Mac, it's Organizations: National Association of Realtors, Federal, NAR, Zillow, Federal Reserve Locations: Chevron

☆ Americans can't get a break thanks to surging mortgages, food and fuel costs. Here's all the ways consumers are getting screwed.
▼ + stars: | 2023-08-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Americans can't get a break financially, largely thanks to higher interest rates and "greedflation." The US economy may be in good shape, but Americans are getting squeezed from all sides. On top of that, it's become more expensive to pay back debt in a world of higher interest rates. US mortgage rate are at 23-year highsHigher interest rates influence mortgage rates. Mortgage rates tend to fluctuate with 10-year Treasury yields, given lenders typically tie rates to the yield of the 10-year bond.

Persons: it's, Freddie Mac, Fitch, Larry McDonald, Paul Krugman, That's Organizations: Morning, Federal Reserve, U.S, AAA, Brent, West Texas Intermediate Locations: Ukraine, Saudi Arabia, Russia

Most mortgage rates are a little higher than they were yesterday, but not significantly — and many rates have inched down since this time last week. 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 RatesThe average 15-year fixed mortgage rate is 6.34% right now, according to Freddie Mac data. But mortgage rates are expected to trend down near the end of 2023 and into 2024.

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

The average 30-year mortgage rate is 6.96% according to Freddie Mac, which is six basis points higher than last week. Rising inflation could keep mortgage rates high, since the Federal Reserve has been increasing rates to try to push inflation down. Although higher inflation could keep mortgage rates high, it shouldn't cause rates to spike. 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've Organizations: Labor Statistics, Index, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Mortgage rates rise to just short of 7%
▼ + stars: | 2023-08-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US mortgage rates remained elevated this week, rising for the third week in a row, but stayed just under the market’s 7% threshold. The 30-year fixed-rate mortgage averaged 6.96% in the week ending August 10, up from 6.90% the week before, according to data from Freddie Mac released Thursday. “However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Markets had been waiting for July’s inflation report, released Thursday morning, which showed consumer price hikes rose 3.2% annually, the first increase in 12 months. The Fed also will consider the forthcoming August employment and inflation data prior to the next policy meeting, in September.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu Organizations: DC CNN, Federal Reserve, Index, Fed Locations: Washington

☆ Mortgage credit availability sinks to decade low
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As if higher mortgage rates weren't enough, it was harder even to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association. While availability for all loan types dropped, the component of the index for jumbo loans decreased the most, as banks face increasing liquidity issues. Jumbo loans cannot be sold to Fannie Mae and Freddie Mac, so they are usually held on bank balance sheets. Higher mortgage rates have caused demand for home loans to drop. A drop in cash-out refinance programs was a major component of the overall drop in credit availability.

Persons: Fannie Mae, Freddie Mac, Joel Kan Organizations: Mortgage, Association

Search resuls for: "Freddie Mac"

25 mentions found