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Average 30-year mortgage rates increased to 6.88% this week, according to Freddie Mac. If this measure shows some slowing in inflation, mortgage rates could inch back down. It's likely that we'll need to wait for more data before it becomes clear how mortgage rates will trend this year. 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.

Persons: Freddie Mac, It's, Fannie Mae Organizations: Federal Reserve, CPI, of Labor Statistics, Zillow, Mortgage, Association, ARM Locations: Chevron

A hotter-than-expected inflation report has pushed back expectations for a Federal Reserve interest rate cut. This means mortgage rates are likely to remain elevated for longer than many forecasters had anticipated. This would keep mortgage rates elevated throughout the summer homebuying season, when many home shoppers will be looking to get a mortgage. "March inflation figures were very bad, which also means bad news for interest rates," Lawrence Yun, chief economist for the National Association of Realtors, said in a blog post reacting to March's CPI data. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Lawrence Yun, you'll, Fannie Mae Organizations: Federal, Labor Statistics, National Association of Realtors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage refinance demand surges even as rates cross back over 7%. Here's why
▼ + stars: | 2024-04-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Overall mortgage demand has now moved sideways for three straight weeks, but last week saw a split between those looking to buy a home and those hoping to save money with a refinance. Total mortgage application volume increased just 0.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index, essentially flat. "Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Refinance demand usually drops when rates rise, but rates had fallen back slightly in the previous weeks, so some homeowners may have been waiting for them to go even lower. It is set to be released Wednesday morning, and depending on the outcome, mortgage rates could make a strong move in either direction.

Persons: Joel Kan Organizations: Mortgage, Federal

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. 20-Year Fixed Mortgage Rates Increase (+0.15%)The average 20-year fixed mortgage rate is 15 points up from where it was last week, and is sitting at 6.30%. 15-Year Fixed Mortgage Rates Rise (+0.20%)The average 15-year mortgage rate is 6.11%, up from last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Decrease (-0.30%)The average 30-year refinance rate is 7.06%, 30 basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: Federal Reserve, Mortgage Bankers Association, Zillow, FHA Locations: Chevron

Average 30-year mortgage rates increased to 6.82% last week, according to Freddie Mac. Though it's possible mortgage rates won't ever go that low again, they are expected to drop a bit this year. 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 average 30-year fixed mortgage rate was 6.82% last week, according to Freddie Mac. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, you'll, it's Organizations: National Association of Realtors, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

Hopeful homebuyers should expect mortgage rates to remain elevated for at least a couple more months. If inflation eases in the coming months and the Fed is able to start cutting its benchmark rate, mortgage rates should drop as expected. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Jerome Powell, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

This week, 30-year mortgage rates averaged 6.82%, according to Freddie Mac. Though mortgage rates are expected to go down in 2024, when they'll start dropping depends on how inflation trends in the coming months. This has kept mortgage rates elevated. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, they've, Fannie Mae, you'll Organizations: Federal Reserve, Mortgage, Association, Zillow, Sky Locations: Chevron

☆ Plan to buy a home in the next year or two? Here are 5 steps to take now to get your finances ready
▼ + stars: | 2024-04-04 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

Mortgage lenders will consider lots of different metrics and circumstances when assessing your creditworthiness. Check your credit reports and credit scoresTwo other factors lenders will consider are your credit history and credit score. Kill the credit card debtA key way to improve your credit score is to reduce your credit card debt. “The minute they pull your credit score, it is going to [reflect] what is on my credit card that day,” MBA’s Seiler said. “Because there are many variables that affect an individual consumer’s credit score, we can’t say a specific number of months,” FICO’s Zeibert said.

Persons: ”, Avi Adler, Sara Zuckerman, Margaret Poe, Poe, you’ll, Eddie Seiler, Joe Zeibert, You’re, ” Adler, MBA’s Seiler, ” FICO’s Zeibert, “, ” Seiler, Zuckerman, Adler, ” Zuckerman Organizations: New, New York CNN, Long & Foster, Consumer Financial, Bureau, Mortgage, Association Locations: New York, annualcreditreport.com, TransUnion

☆ Weekly mortgage demand remains stalled, as interest rates stay stubbornly high
▼ + stars: | 2024-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move much last week, and for the second week in a row, neither did mortgage demand. Total mortgage application volume last week was essentially flat, dropping 0.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Elevated mortgage rates continued to weigh down on homebuying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week," noted Joel Kan, an MBA economist. Mortgage rates bounced higher to start this week, after new economic data on manufacturing came in higher than expected and noted higher prices.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: homebuying

☆ Here's what tenants need to know about Biden's plan to cap rent hikes for some affordable housing units
▼ + stars: | 2024-04-03 | by ( Annie Nova | ) www.cnbc.com time to read: +1 min

The Biden administration moved this week to limit how much rent can rise in certain affordable housing units across the country. While some housing experts criticized the move, tenant advocates said the new rule, which will cap rent increases at 10%, will help people to stay in their homes. "The rent is still too damn high, but this cap will provide stability to more than a million tenants," said Tara Raghuveer, the director of the National Tenant Union Federation. More from Personal Finance:Top colleges expand financial aid awards to eliminate student loansWhat you need to know about Social Security's new overpayment policiesWhat car shoppers need to knowHowever, Mortgage Bankers Association President and CEO Bob Broeksmit said capping rent increases would only worsen the housing-affordability crisis. Here's what renters should know about the new protection, which was announced on April 1 and is now in effect.

Persons: Tara Raghuveer, Bob Broeksmit, Broeksmit Organizations: Biden, National Tenant Union Federation, Finance, Mortgage, Association

Mortgage rates were a bit lower this month compared with February. High inflation and Federal Reserve rate hikes helped push mortgage rates up over the last couple of years. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Fannie Mae Organizations: Mortgage Bankers Association, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

This week, 30-year mortgage rates averaged 6.37%, according to Zillow data. Most major forecasters expect mortgage rates to decline in 2024, but so far we haven't seen any signs of a sustained drop. As we get more data showing that inflation is cooling, mortgage rates should start trending down more definitively. The sooner the Fed can start cutting rates, the sooner mortgage rates will start to fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Commerce Department, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ The 4% mortgage rate and other sweet offers from lenders hoping to stave off commercial real estate doom
▼ + stars: | 2024-03-27 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

Instead a deal is now being negotiated to trim the size of the property's $240 million mortgage and potentially extend the loan at below-market interest rates in an attempt to revive the property's fortunes. The negotiations show that as hundreds of billions of dollars of commercial real estate debts come due or have already tumbled into default, deals are being arranged behind the scenes to try to stave off financial catastrophe. More borrowers and lenders have sought to buy timeThere is mounting evidence that such negotiations are taking place more widely. There have been concerns that trillions of dollars of upcoming commercial property debt maturities could inflict heavy losses that could weigh on investors and lenders across the property market and even cause systemic issues in the banking sector. The deal is part of a growing number of sales by some lenders to cut down their exposure to commercial real estate.

Persons: Realty, Michael Maturo, we'd, Maturo, Jack Terzi, Terzi, Jamie Woodwell, Stephen Buschbom, Trepp, Alan Todd, David Blumberg, Raymond Boyd, Blumberg, Robert Ivanhoe, Greenberg Traurig, Ivanhoe Organizations: New, Aareal Bank, Business, JTRE Holdings, Mortgage Bankers Association, Treasury Department, Bank of America, 601W Companies, Aon, Aon Center, Federal Reserve Locations: New York, Lower Manhattan, Manhattan, New York City, Chicago

☆ Mortgage demand stalls, even as interest rates moderate
▼ + stars: | 2024-03-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The usually busy spring housing market is underway, but mortgage demand isn't moving. Mortgage rates today are still about a half a percentage point higher than they were at this time last year, so recent borrowers have no incentive to refinance. "Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market," said Joel Kan, an MBA economist in a release. Mortgage rates have basically moved sideways to start this week and are unlikely to change until next week, when more economic data is set to be released. "If inflation falls a bit more or if the economy shows marked signs of weakening, it would tip the scales in favor of lower rates."

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Miami , Florida

Today, 30-year mortgage rates are hovering in the mid-6% range, according to Zillow data. As inflation slows and the Fed is able to lower rates, mortgage rates are expected to go down, too. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Fannie Mae Organizations: Reserve, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Mortgage rates have been elevated over the last couple of months. Thirty-year mortgage rates have averaged 6.50% in March, just two basis points below where they were in February. Forecasters at the Mortgage Bankers Association, Fannie Mae, the National Association of Realtors, and elsewhere have been predicting that mortgage rates will start trending lower soon. The sooner the Fed can start cutting rates, the sooner mortgage rates will start to fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Fannie Mae, they've, you'll Organizations: Mortgage Bankers Association, National Association of Realtors, Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Weekly mortgage demand drops as interest rates rise again, but Fed announcement will be key for spring market
▼ + stars: | 2024-03-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage interest rates rose last week for the first time in three weeks. As a result, total mortgage application volume dropped 1.6% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.97% from 6.84%, with points decreasing to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment. That was the weekly average, but another index from Mortgage News Daily, which looks at daily rates, had the 30-year fixed mortgage moving back over 7% last Thursday. "Mortgage rates increased last week as incoming data showed inflation was still hotter than expected, which stoked concerns about the timing and extent to which the Fed might be able to reduce the fed funds rates this year," said Joel Kan, MBA's vice president and deputy chief economist.

Persons: Joel Kan Organizations: Mortgage, Mortgage News

The announcement is unlikely to have much of an impact on mortgage rates, but commentary coming out of the meeting might. If Powell says that the Fed still believes that inflation is coming down and that it just wants to see more data before it starts cutting rates, mortgage rates might not move much. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Jerome Powell, Powell, Fannie Mae Organizations: Federal, Fed, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Average 30-year mortgage rates are now in the upper 6% range, which is where they were at the start of the month. Where mortgage rates go next depends on the economy. Until inflation comes down further, mortgage rates will likely remain near their current levels. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage rates tumble for the second week in a row
▼ + stars: | 2024-03-14 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data. The 30-year fixed-rate mortgage averaged 6.74% in the week ending March 14, down from 6.88% the previous week, according to data from Freddie Mac released Thursday. But while rates are expected to move around in the next few months, homebuyers shouldn’t expect a major drop. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”Over the past four months, mortgage rates have come down from their highest levels of last year: 7.79%. Applications for mortgages were up 7% in the week ending March 8 from the week before, according to the Mortgage Bankers Association.

Persons: Freddie Mac, homebuyers, ”, Sam Khater, Freddie Mac’s, who’ve Organizations: DC CNN —, Mortgage, Association Locations: Washington

Mortgage rates ticked up a little bit in response to Tuesday's slightly hotter-than-expected Consumer Price Index data. But mortgage rates probably won't drop substantially until we get more data showing that inflation is continuing to slow. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: they're, they've, Fannie Mae's, Fannie Mae Organizations: Bureau of Labor Statistics, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Weekly mortgage demand jumps again as interest rates fall just below 7%
▼ + stars: | 2024-03-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home rose 5% for the week but were still 11% lower than a year ago. Mortgage rates rose slightly at the start of this week, after a government report on consumer prices came in higher than expected Tuesday.

Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, Mortgage News Locations: San Marino , California

The title acceptance pilot waives the need for a lender's title insurance policy on some refinance mortgages. The Federal Housing Finance Agency recently rolled out a new pilot program that would lower refinance closing costs for some borrowers. Called the "title acceptance pilot," this program would waive the requirement that conforming loans have a lender's title insurance policy on certain refinance mortgages. Borrowers are required to purchase a lender's title insurance policy, which can be a significant out-of-pocket cost. Pushback from the mortgage industryLeaders from the mortgage and title insurance industries overall weren't pleased with this announcement.

Persons: —, Biden, Fannie Mae, Freddie Mac, homebuyers, Christopher Tyson, Tyson, doesn't Organizations: Service, Federal Housing Finance Agency, Mortgage Bankers Association, Union, Consumer Financial, National Community Stabilization Trust, homebuyers

Average 30-year mortgage rates have generally been hovering in the 6.30% to 6.40% range this week, according to Zillow data. Where mortgage rates go next depends on the economy. As long as inflation continues to slow and the labor market doesn't heat back up, mortgage rates should go down in 2024. This means that we could see mortgage rates inch down just ahead of the summer months. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

High inflation and Federal Reserve interest rate hikes helped push mortgage rates up to decades-long highs over the last couple of years. If next week's Consumer Price Index data comes in hotter than expected, for example, that could push mortgage rates back up. This means we may need to see a few more months of slowing inflation data before the Fed cuts rates and mortgage rates start trending down. 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.

Persons: it's, Jerome Powell, Powell, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

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