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☆ Homebuyers Have Hope With Lower Mortgage Rates, More Houses Available
▼ + stars: | 2024-10-09 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Wild swings in mortgage rates discouraged almost everyone from venturing out into the market. As I wrote earlier this year, a gummed-up housing market — the Ice Age I was talking about — is good for nobody. When mortgage rates hit multidecade lows during the pandemic, millions of people were able to snag or refinance their way into cheaper monthly costs. That'd be within spitting distance of what the experts at John Burns Research and Consulting, a housing-research firm, call the "magic mortgage rate." In other words, trying to predict mortgage rates — and buying or selling a home accordingly — is a fool's errand.

Persons: Green, that's, Skylar Olsen, everyone's, it's, there's, Fannie Mae, John Burns, they'd, Ralph McLaughlin, Olsen, Lawrence Yun, Altos, Mike Simonsen, Chen Zhao, Zhao, We're, Mark Palim, Palim Organizations: Federal Housing Finance Agency, Federal Reserve, John, John Burns Research, Consulting, National Association of Realtors, Altos Research, Builders, Sun Locations: Sun Belt, Midwest

☆ What these homebuyers and owners told us an interest rate cut means to them
▼ + stars: | 2024-10-07 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

Last month, the Federal Reserve cut its benchmark interest rate by half a percentage point and signaled that more cuts are coming. He hopes interest rate cuts will increase his buying power. Mortgage rates have steadily fallen in anticipation of further interest rate cuts from the Federal Reserve. Mortgage rates have steadily fallen in anticipation of further interest rate cuts from the Fed, with the average 30-year fixed mortgage rate dropping to 6.12% in the week ended October 3, according to Freddie Mac. “Even a decent interest rate today far exceeds what we’ve been planning and budgeting on since we bought this home,” said Tony, who said his interest rate was 3.75%.

Persons: Robert Galvez, ”, Galvez, “, ” Galvez, Kamala Harris ’, homebuyers, Brandon Bell, Tony, Freddie Mac, it’s, Safiya Reid, Nico Williams, Reid, Nico Williams “ I’m, ” Reid, she’s Organizations: CNN, Federal Reserve, National Association of Realtors, Federal Housing Administration, NACA Locations: New Hampshire, Atlanta, Okinawa, Japan

☆ Invasion of the dogs: How surging canine ownership is reshaping cities and businesses
▼ + stars: | 2024-10-05 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +14 min

The Dog Bar — a sprawling dog venue in Saint Petersburg, Florida —has had at least six (human) proposals, and one wedding. AdvertisementVirtually all US pet owners now say their furry companions are part of their family — up from 86% of dog owners and 78% of cat owners in 2006. "The dog today is not the dog of 10 years ago," Bobby Boivin, the co-owner of Boo's Dog Bar in Sarasota, Florida, said. And so we do that once or twice a year at Dog Bar." After adopting two puppies, he fell in love with a dog bar in his neighborhood.

Persons: —, Saint Petersburg , Florida —, It's, Kendal Kulp, Bobby Boivin, Stephanie Marble, Marble, Kyle Cissel, aren't, Cissel, Tara Downs, she's, Fred Metzler, Metzler, Luke Silverman, Stephanie Chez, Silverman, Kevin Knutson, Knutson, Kulp, they'd, That's, that's Organizations: Service, National Association of Realtors, Wall Street, American Pet Products Association, IKEA Locations: Saint Petersburg , Florida, Asheville , North Carolina, Sarasota , Florida, Florida, Santa, Washington, DC, Colorado, St . Petersburg , Florida, Sephora, Minnesota, Wagbar

☆ Real estate fees settlement created 'a new competitive ballgame,’ expert says. Here's what buyers, sellers need to know
▼ + stars: | 2024-10-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

New rules on buying and selling homes are in play, now that a settlement from a class-action lawsuit has taken effect. At the time of listing a property, the home seller negotiated with the listing agent what the compensation would be for a buyer's agent, which appeared on the MLS. "Now, the buyer chooses how much the buyer's agent makes, the sellers choose how much the seller's agents make," Glenn Kelman, CEO of online real estate brokerage firm Redfin, told CNBC. Any confusion around the new practices among agents and consumers will likely be temporary, said Kerry Melcher, head of real estate at Opendoor. "Real estate agents are good at moving the market," she said.

Persons: brokerages, TikTok It's, Glenn Kelman, Kerry Melcher Organizations: National Association of Realtors, MLS, Finance, CNBC Locations: U.S, Opendoor

☆ A new report from Redfin shows how stuck the housing market really is
▼ + stars: | 2024-09-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

A rate cut by the Federal Reserve this month has fueled hopes that the interest rate-sensitive housing market will soon experience a fresh jolt. “What this data tells us is that the housing market in 2024 has been really frozen,” said Chen Zhao, Redfin’s economic research lead. Zhao said a market where 30 to 40 of every 1,000 homes changed hands would signify a healthier housing landscape. “That very low inventory on the market was one of the primary drivers of there being so little turnover.”A shortage of new home construction also contributed to America’s sluggish housing market. “Getting to a healthy housing market is very hard from this point,” Zhao said.

Persons: ”, Chen Zhao, “, Zhao, Redfin, —, Jeremiah Vancans, Vancans, ’, Patrick Chamberlin, Chamberlin, Freddie Mac, it’s, ” Zhao, we’ve Organizations: CNN, Federal Reserve, California ., “, Boston, Consumer Financial Protection Bureau, National Association of Realtors Locations: —, Redfin, California, California . Los Angeles, Los Angeles, Austin , Texas, The Texas, Sun Belt, New York City, Phoenix

See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Mortgage Refinance 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. Current 30-Year Mortgage RatesAverage 30-year mortgage rates are hovering around 5.80%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down.

Persons: they've, Lawrence Yun, Freddie Mac, it's, Fannie Mae Organizations: Federal, National Association of Realtors, Zillow, Fed, Mortgage, Association, ARM, . Government Locations: Chevron, Government

☆ We may have finally pulled ourselves out of our economic funk
▼ + stars: | 2024-09-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

After two years of the double pain of inflation and high interest rates, those things are normalizing. Sure, jobs were plentiful and the economy was growing, but the combination of high prices and high interest rates felt demoralizing. It’s hard to overstate how much interest rates can change the economic mood, Brendan Duke, a senior director for economic policy at the Center for American Progress, told me. And while both Vice President Kamala Harris and former President Donald Trump have proposed ways to increase the housing supply, the process will take years. “There are economic trends like falling interest rates, and there are policies like making an investment in housing supply that can move the needle,” Duke says.

Persons: CNN Business ’, New York CNN —, Matt Phillips, Dow, That’d, Brendan Duke, ‘ it’s, ’ ”, that’s, Kamala Harris, Donald Trump, It’s, ” Duke, they’re Organizations: CNN Business, New York CNN, Dow, Wall, Center for American Progress, National Association of Realtors Locations: New York, Canada, Australia, New Zealand

☆ It will take more than just a drop in interest rates to save the housing market
▼ + stars: | 2024-09-23 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But while lower mortgage rates may translate to more buying power for homebuyers, America’s housing market woes aren’t likely to be solved solely by rate cuts. But Enterprise Community Partners, the nonprofit where Donovan currently serves as CEO, estimates that the US needs 7 million new units in order to stabilize the housing market. “There are a lot of factors that have affected the housing supply and these are complicated issues to solve. “We’re not expecting mortgage rates to fall that much further, and we still think that the mortgage rate ‘lock-in’ effect will still be there,” Dougherty said. “Things will probably pick up as rates come down, but we’re not looking for a high-octane rebound,” Dougherty said of the housing market.

Persons: they’d, aren’t, ’, ”, Shaun Donovan, Kamala Harris, Donald Trump, ” Donovan, Harris, Trump, Donovan, Jerome Powell’s, Freddie Mac, Charles Dougherty, That’s, “ We’re, ” Dougherty, ” Powell, that’s, Dougherty, “ It’s, ” Ryan McLennan Organizations: CNN, Housing, Urban Development, National Association of Realtors, Partners, Federal, Fed, National Association of Home Builders, homebuilders, Consumer Financial Locations: America, Wells Fargo, Houston, homebuying

“If we’re going to put up affordable housing, we don’t just want to house one family. We want to house five or six or eight or 25 families,” said Minneapolis Mayor Jacob Frey, who has overseen the Minneapolis 2040 plan. Trump campaign national press secretary Karoline Leavitt blamed the higher housing costs on the current administration’s policies, as well as an “unsustainable invasion of illegal aliens.” The campaign broadly said Trump’s housing plan involves freeing up federal land for housing and cutting regulations. Walz, whom Frey said was “committed to the mission” on affordable housing, signed the measure into law in May. We also need to have more active state, local and federal government policies that look to support the housing market.”

Persons: ”, Minneapolis Mayor Jacob Frey, Ben Brewer, Donald Trump, Kamala Harris, Harris, Tim Walz, Karoline Leavitt, It’s, Frey, Hennepin, Ryan Allen, “, ” Allen, Cody Fischer, ” Fischer, ” Jeremy Wieland, Wieland, didn’t, it’s, ” Wieland, Fischer, ’, Walz, University of Minnesota’s Allen, that’s Organizations: National Association of Realtors, Minneapolis Mayor, Currie, Bloomberg, Getty, Minnesota Gov, Trump, Pew Research, NBC, Ford Motor Co, Minn, University of Minnesota, Minneapolis, California Bay Area, Minnesota Environmental, Minnesota Supreme, University of Minnesota’s Locations: MINNEAPOLIS, United States, Minnesota, Minneapolis, U.S, Harrison, Hennepin County, St, Paul, California Bay, San Francisco, Oakland, ”, Northeast Minneapolis, “

☆ What's Minneapolis' secret to fixing housing? Build more
▼ + stars: | 2024-09-20 | by ( Brian Cheung | ) www.cnbc.com time to read: +3 min

The Currie Commons housing development under construction in the Harrison neighborhood of Minneapolis, Minnesota, US, on Thursday, July 20, 2023. We want to house five or six or eight or 25 families," said Minneapolis Mayor Jacob Frey, who has overseen the Minneapolis 2040 plan. Both former President Donald Trump and Vice President Kamala Harris have broadly promised to provide some support for first-time homebuyers, with the Harris campaign offering more details. The campaign broadly said Trump's housing plan involves freeing up federal land for housing and cutting regulations. The Currie Commons housing development under construction in the Harrison neighborhood of Minneapolis, Minnesota, US, on Thursday, July 20, 2023.

Persons: Ben Brewer, Minneapolis Mayor Jacob Frey, Donald Trump, Kamala Harris, Harris, Tim Walz, Karoline Leavitt Organizations: Currie, Bloomberg, Getty, National Association of Realtors, Minneapolis Mayor, Minnesota Gov, Trump, Ford Motor Co Locations: Harrison, Minneapolis , Minnesota, United States, Minnesota, Minneapolis, U.S, Saint Paul , Minnesota, The Minneapolis

Now that the Fed has cut rates, mortgage rates may not drop much further in the near term. But if the Fed doesn't lower rates as much as expected this year, mortgage rates may hold steady or even inch up. But rates are still expected to come down further, so it may also be worth waiting to see how low mortgage rates go. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

Persons: Lawrence Yun, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal Reserve, Wednesday, National Association of Realtors, Consumers, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

That is slightly lower than what analysts expected. It marks three straight months of sales below the 4 million mark, annualized. This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically. Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.

Persons: ”, Lawrence Yun, “, ” Yun Organizations: National Association of Realtors, Mortgage News, “

☆ 20 cities opening up for homebuyers as inventory grows and mortgage rates tumble
▼ + stars: | 2024-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But the tables are finally starting to turn as mortgage rates slide and inventory rises across US cities. Mortgage rates have fallen to the lowest levels since February 2023 as markets have priced in the Federal Reserve's long-awaited interest rate cuts, which finally arrived on Wednesday. pic.twitter.com/aAQvC80WPY — James Faris (@JamesFaris_) September 18, 2024Rising inventory is a big win for buyersHome inventory is also heading in the right direction. 20 cities where homes are much easier to findIn her note, Scibetta listed 20 major US cities where home inventory rose meaningfully from July 2023 to July 2024.

Persons: —, aAQvC80WPY — James Faris, Mackenzie, Zoocasa, Scibetta, Kendall Bonner, Sellers, Bonner, " Bonner Organizations: Service, Business, National Association of Realtors, eXp, NAR

☆ High home prices aren't 'something the Fed can really fix,' says Federal Reserve chair Jerome Powell
▼ + stars: | 2024-09-19 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

They received some relief on Wednesday when the Federal Reserve cut interest rates by 50 basis points, which will lower mortgage costs. Federal Reserve chair Jerome Powell said the "real issue" behind high prices in the U.S. housing market is a lack of supply, which isn't "something the Fed can really fix." With rates dropping, Powell also said that "more people are likely to start moving," which could boost home sales. Powell also said that shelter costs in the CPI tend to lag behind real-time prices, so the recent slowdown in home and rent prices prices isn't fully reflected yet. The best thing the Fed can do for U.S. households is get "inflation broadly down" and reduce the cost of borrowing by "normalizing" interest rates, Powell said.

Persons: Jerome Powell, There's, Powell's, Powell, it's Organizations: Federal Reserve, Federal, National Association of Realtors, Consumer, CNBC Locations: U.S

☆ Home sales slumped to lowest August level since 2010. But they’re poised to soar after the Fed finally cut interest rates
▼ + stars: | 2024-09-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Sales of previously owned homes in the United States fell sharply in August, despite mortgage rates plummeting that month. Lower borrowing costs will likely entice buyersMortgage rates could very well come down even more, but that would depend on economic data making it clear that the Fed would cut rates further. The Fed doesn’t control mortgage rates, but its action do influence them through movements in bond yields. Mortgage rates track the 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on rates. Yun told reporters it could take three or four months for lower mortgage rates to boost demand for housing.

Persons: ” Yun, ”, Daniele Hale, “, we’re, Freddie Mac, Yun, ‘ I’m Organizations: Washington CNN —, Federal Reserve, National Association of Realtors, Fed, Treasury Locations: United States

The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.

Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo

☆ Here’s what you should know about buying a home ahead of a likely interest rate cut
▼ + stars: | 2024-09-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

While the Fed doesn’t directly set mortgage rates, its actions affect borrowing costs throughout the economy. The most apparent effect: An interest rate cut could help ease the upward pressure on mortgage rates, making one piece of the homebuying equation more affordable. Most investors are betting that the Fed will cut its benchmark interest rate by just a quarter-point on Wednesday. Some financial advisers counsel to wait until you can get a mortgage rate that is a full percentage point below the rate you’re already paying, said Fairweather. “If you got a 7.5% mortgage rate, you may already be in the money to refinance,” she said.

Persons: Freddie Mac, ”, Daryl Fairweather, Redfin’s, “, it’s, Fairweather, We’re, Greg McBride, “ It’s, Leo Pareja Organizations: CNN, Federal Reserve, homebuyers, National Association of Realtors, Bankrate, eXp Realty Locations: Wells, ”

☆ Mortgage rates are dropping, but homes aren't expected to get cheaper—here's why
▼ + stars: | 2024-09-13 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Mortgage rates are falling, but that doesn't guarantee homes will be more affordable in 2025. With more buyers competing for a limited number of homes, prices are likely to rise. Why lower mortgage rates could lead to higher home pricesWhile lower mortgage rates help out buyers, the larger force at play in the housing market is supply. "If mortgage rates drop below 6%, it's likely to increase demand for homes, which could push prices higher," in the next year, says Kent. Mortgage rates are expected to fall as home prices rise

Persons: Maggie Kent Organizations: National Association of Realtors, CORE Locations: New York, Kent

☆ Mortgage rates fall to lowest level since February 2023
▼ + stars: | 2024-09-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market. The standard, 30-year fixed-rate mortgage averaged 6.20% in the week ended September 12, mortgage financing giant Freddie Mac said Thursday. Mortgage rates started to drop early last month on news affirming lower interest rates in the future, specifically after a weaker-than-expected jobs report for July, and have gradually edged lower since. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” Sam Khater, Freddie Mac’s chief economist, said in a release. The Fed doesn’t directly set mortgage rates, but its action do influence them through movements in bond yields.

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, that’s, Lawrence Yun Organizations: Washington CNN —, “, Federal Reserve, Treasury, Las, P Global, Apple, Fed, National Association of Realtors Locations: New York City, San Diego, Las Vegas, America, Los Angeles, Miami

☆ An influx of young people entering the housing market next year will lead to a homebuilding boom, analyst says
▼ + stars: | 2024-09-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewA wave of younger buyers are about to enter the housing market in a trend that could spark a boom for homebuilders, according to one housing analyst. That's because young Americans are itching to buy a home, and they'll likely enter the housing market in droves once mortgage rates come down, he told CNBC in a recent interview. AdvertisementThe 30-year fixed mortgage rate hovered around 6.35% the last week, Freddie Mac data shows, close to their lowest level since early 2023. Yet, 89% of existing homeowners have a mortgage rate below 6%, Redfin found in a survey at the start of the year. Mortgage rates, though, could be slow to come down, housing experts say.

Persons: —, Phillip Ng, they'll, We've, Ng, Freddie Mac, Redfin, Pricing's Organizations: Service, Jefferies, CNBC, Business, Buyers, National Association of Realtors, Builders, Mortgage Locations: Redfin

☆ Mortgage rates hit lowest level since February 2023
▼ + stars: | 2024-09-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images)Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago. Total mortgage demand, however, rose just 1.4% for the week, according to the MBA's seasonally adjusted index. Mortgage rates continued to move lower to start this week, according to a separate survey by Mortgage News Daily, but the monthly release of the Consumer Price Index, a measure of inflation, on Wednesday could impact the direction of rates more sharply in either direction.

Persons: Justin Sullivan, Joel Kan, Kan, Matthew Graham Organizations: National Association of Realtors, Mortgage, Association, Treasury, Federal Reserve, Labor, Mortgage News Locations: CALIFORNIA, Larkspur , California

☆ Home listings are up more than 60% in some cities. Here's where
▼ + stars: | 2024-09-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. "The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines." Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast. More supply and longer selling times are finally translating into lower prices. Part of that is due to the mix of homes on the market, as more smaller homes are being listed.

Persons: Patrick T, Fallon, PATRICK T, FALLON, Danielle Hale, Ralph McLaughlin Organizations: National Association of Realtors, Getty, Nationwide, Mortgage, Association, Midwest Locations: Los Angeles , California, United States, AFP, Tampa, San Diego, Miami, Seattle, Denver, West

☆ A 'man-made disaster' could make it trickier to buy or sell a home in some areas this fall, real estate expert says
▼ + stars: | 2024-08-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

That's because the National Flood Insurance Program — the government-sponsored public insurance program that is the largest flood insurer in the U.S. — needs to be reauthorized by Sept. 30 to continue to issue new policies or increase coverage on existing policies. "There are very few private insurers that offer any type of flood insurance," said Daniel Schwarcz, a professor of law at the University of Minnesota Law School who focuses on insurance law and regulation. In that report, from 2011, it estimated a one-month NFIP lapse could affect about 40,000 closings. "There is no need to take the risk that the flood insurance program will lapse when you could close ahead of Sept. Then in 2021, FEMA implemented Risk Rating 2.0, a new pricing system that would accurately reflect the cost of an area's risk.

Persons: Jaret Seiberg, Cowen, Jeremy Porter, Daniel Schwarcz, Cowen's, Yanjun Liao, Liao, Schwarcz, Foundation's Porter, Porter Organizations: Getty, Federal Reserve, National Flood Insurance, Federal Emergency Management Agency, First Street Foundation, University of Minnesota Law School, National Association of Realtors, FEMA, Resources Locations: U.S, New York, Washington ,

The average 30-year mortgage rate fell to 6.46% this week, 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. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.46% this week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.62% this week, according to Freddie Mac data, which is a four-basis-point decrease from the previous week. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well.

Persons: Freddie Mac, Sam Khater, Freddie Mac's Organizations: National Association of Realtors, Zillow, Federal Reserve Locations: Chevron

☆ Stocks gain after Fed’s Powell hints rate cuts are coming
▼ + stars: | 2024-08-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks rose Friday morning as Wall Street cheered a signal from Federal Reserve Chair Jerome Powell that long-awaited interest rate cuts are finally coming. Powell said that “the time has come” to ease rates, currently perched at a 23-year high, at a key economic summit in Jackson Hole, Wyoming. He also noted that the labor market has cooled enough not to pressure inflation higher and that the central bank does not want to see more weakening in job market conditions. Some officials also fretted that the softening labor market could weaken considerably if policy stays restrictive for too long. Recent data has shown that US job growth was weaker than previously estimated in the 12 months leading up to March.

Persons: Stocks, Jerome Powell, Powell, there’s, ”, Jack Janasiewicz Organizations: New, New York CNN, Federal, Dow, Nasdaq, Labor Statistics, Solutions, National Association of Realtors, Target, Boeing Locations: New York, Jackson Hole , Wyoming

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