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☆ Mortgage rates plunge in wake of bank failures
▼ + stars: | 2023-03-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The events of the past week, ranging from strong economic indicators to unforeseen events in banking, sent mortgage rates down. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “This year, both prices and mortgage rates are higher than a year ago, resulting in a 50% increase in housing costs for the typical US home.

☆ Mortgage rates rise for the fifth-straight week
▼ + stars: | 2023-03-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates edged further toward 7%, rising for the fifth consecutive week, as the Federal Reserve suggests rate increases will continue amid stubborn inflation. “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Housing market chilledRising mortgage rates have put a damper on the spring selling season. While applications for a mortgage rose slightly last week after three weeks of declines, according to the Mortgage Bankers Association, activity is muted.

☆ Mortgage rates jump back over 7% as inflation fears drive yields higher
▼ + stars: | 2023-03-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury . "The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks," said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. "After solid gains in purchase activity to begin 2023, higher rates, ongoing inflationary pressures, and economic volatility are giving some prospective homebuyers pause about entering the housing market." But that recovery has now stalled, and rising rates are only part of the picture. Unfortunately, traders will be hesitant to push rates aggressively lower until they have several successive months pointing to meaningfully lower inflation.

☆ Mortgage rates rise for the fourth week in a row
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. “However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%.”The lower rates in January brought buyers back into the market, Khater said. 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. “The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks,” said Bob Broeksmit, MBA’s CEO.

☆ Biden admin cuts some mortgage fees amid housing affordability crisis
▼ + stars: | 2023-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the Federal Housing Administration. But for homebuyers struggling to enter the housing market, there are some loans like FHA that come with required mortgage insurance. But for borrowers unable to enter the housing market another way, FHA loans can often be the cheapest option. In addition, only a fraction of all home sales are financed with FHA loans. Only 811,362 out of 5.7 million purchase loans originated in 2021 were FHA loans, or about 14.3%, according to HUD.

☆ Mortgage rates rise on inflation concerns
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates rose this week after four weeks of declines, as a stronger-than-expected jobs report suggested the Federal Reserve would continue hiking its benchmark lending rate in its battle against inflation. After climbing for most of 2022, mortgage rates have been trending downward since November, as various economic indicators continue to show inflation may have peaked. The surprising number makes the Fed’s historic and aggressive efforts to cool the labor market and bring inflation down through rate hikes all the more complicated. “Mortgage rates are likely to continue moving up and down in a narrow range for the next few weeks,” said Ratiu. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

☆ Mortgage rates tick down ahead of Fed meeting next week
▼ + stars: | 2023-01-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates fell slightly this week, staying almost flat ahead of the Federal Reserve’s closely watched interest rate-setting meeting next week. 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. Mortgage applications riseThe downward trend for mortgage rates since November has had a positive impact on home affordability for mortgage borrowers. “Borrower demand, thanks to lower mortgage rates, continues to rise in early 2023,” said Bob Broeksmit, MBA president and CEO.

☆ Mortgage rates fall to levels last seen in September
▼ + stars: | 2023-01-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

“As inflation continues to moderate, mortgage rates declined again this week,” said Sam Khater, Freddie Mac’s chief economist. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. 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. “While our 2023 forecast anticipates ongoing inflation causing upward pressure on rates, recent favorable data has helped to pull mortgage rates down,” said Xu.

☆ Mortgage rates inched down last week, after a slight increase the week before
▼ + stars: | 2023-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates inched down last week, after a slight increase the week before. The 30-year fixed-rate mortgage averaged 6.33% in the week ending January 12, down from 6.48% the week before, according to Freddie Mac. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. 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.

☆ Mortgage rates start 2023 twice as high as they were a year ago
▼ + stars: | 2023-01-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates inched up again last week, after a slight increase the week before interrupted six straight weeks of falling rates. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. “Mortgage application activity sunk to a quarter-century low this week as high mortgage rates continue to weaken the housing market,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Although mortgage rates did increase slightly in recent weeks, the association expects them to fall to around 5.2 percent by the end of 2023.

☆ Mortgage rates drop for fifth week in a row
▼ + stars: | 2022-12-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates fell once again this week, dipping for the fifth straight week. But mortgage rates have tumbled in the last several weeks, following data that showed inflation may have finally reached its peak. The rate hike was already factored in to where mortgage rates are, but signaled more good news on inflation. Mortgage rates tend to track the yield on 10-year US Treasury bonds. Mortgage applications tick upFor people looking to buy a home, and homeowners wanting to sell, the retreat in mortgage rates over the past several weeks has been welcome.

☆ Mortgage rates fall for the third week in a row as inflation fears ease
▼ + stars: | 2022-12-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

CNN —Mortgage rates dipped again this week, marking the third straight week of falling rates. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. But in the last couple of weeks, mortgage rates have tumbled following reports that indicated inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Taken together with yesterday’s news from Powell, US Treasury yields fell, suggesting mortgage rates are likely to go in the same direction.

☆ Mortgage rates plunge to 6.61% amid signs of easing inflation
▼ + stars: | 2022-11-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. While the Fed does not set the interest rates borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds. Mortgage rates are expected to remain volatile for the rest of the year.

☆ Mortgage rates rise back above 7%
▼ + stars: | 2022-11-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Mortgage rates have jumped back above 7%, after dropping last week. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they make moves which send yields higher and mortgage rates rise. Affordability is not improvingWith mortgage rates up four percentage points from a year ago, buyers’ purchasing power has plummeted.

☆ A court just ruled that CFPB's funding is unconstitutional, and that could be 'catastrophic' for mortgage markets
▼ + stars: | 2022-10-28 | by ( Stephanie Dhue | ) www.cnbc.com time to read: +6 min

Mortgage rules at riskIf the agency's legal authority is undermined, it could have a profound affect on home lending markets — an industry that's prone to disruption when laws are murky, especially as interest rates rise. That extended the potential damages to the Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac. Appeal likelyIf the Fifth Circuit decision is upheld, it could call into question those long-standing mortgage rules. "The loss of the CFPB mortgage regulations and the effect on the market would catastrophic," said Andreano. "Potential changes in how the CFPB are funded aren't likely to have an immediate effect on the mortgage market."

☆ Mortgage rates surge, closing in on 7%
▼ + stars: | 2022-09-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Mortgage rates have more than doubled since the start of this year as inflation soared and led the Federal Reserve to hike borrowing costs. “The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise. “The huge surge in mortgage rates over the last nine months has squashed many buyers’ budgets, leading to a significant pullback in transactions,” said Ratiu.

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