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☆ Mortgage rates plunge to lowest level in more than a year
▼ + stars: | 2024-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on interest rates. Lower mortgage rates and a bigger housing stock will eventually entice more buyers to eventually enter the market.

Persons: Freddie Mac, That’s, ”, Sam Khater, Freddie Mac’s, “ Homebuyers, ” Lawrence Yun, Lisa Sturtevant, “ Organizations: Washington CNN, Federal Reserve, Las, P Global, Harvard Joint Center for Housing Studies, CNN, Treasury, National Association of Realtors, Fed, NAR, “, Bright MLS Locations: New York, San Diego, Las Vegas, Tampa, Denver, Minneapolis, United States

☆ Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year
▼ + stars: | 2024-08-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates dropped last week to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially current homeowners. Total mortgage application volume rose 6.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications. "This is how things often play out when the bond market forces a quick move to extreme rate levels. For example, several of the biggest drops in daily mortgage rates have followed quick moves to long-term highs," wrote Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

☆ With mortgage rates dropping, should you refinance? 'It could be worth it,' says financial planner
▼ + stars: | 2024-08-07 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Mortgage rates have plunged in recent days, leaving many homeowners wondering if they should refinance their mortgages. DON'T MISS: Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure Another consideration is the loan term, which determines how much total interest you will pay on the loan. You can run the numbers through a mortgage refinancing calculator. Of course, with refinancing you'll want to scrutinize the terms of the new agreement to ensure that there are no surprises. You could wait for mortgage rates to drop further

Persons: Dean Tsantes, Hazel Secco Organizations: Mortgage Locations: Virginia, New Jersey

Mortgage rates have been trending down in recent days in response to weaker-than-expected labor market data and concerns of a possible economic downturn. 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 6.73% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 5.99%, an eight-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

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

As the Fed lowers rates this year, mortgage rates are expected to go down. 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 were 5.99% this week, according to Freddie Mac data, which is an eight-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which may happen this year, mortgage rates should fall even further.

Persons: —, Freddie Mac Organizations: Federal, of Labor Statistics, Zillow, Federal Reserve, Fed Locations: Chevron

☆ Home flipping and BRRRR are back: Interest rate cuts are set to fuel a resurgence in the real-estate investing strategies, says BiggerPockets' housing-market guru
▼ + stars: | 2024-08-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewHome flipping and the BRRRR method have been in the doghouse among much of the real-estate investing community over the last couple of years. As the Federal Reserve jacked up interest rates and home prices cooled off, warnings about the viability of these strategies abounded. But now, the popular strategies are due for a resurgence, according to Dave Meyer, BiggerPockets' housing market expert. Related storiesOne piece of evidence for this is that home flipping profits have generally been on the rise since the start of 2023 and jumped significantly in Q1 2024, according to real-estate data firm ATTOM. Further, he argues, the housing market is not as volatile as the stock market, and it's rare to see forced selling on a grand scale, he said.

Persons: —, Dave Meyer, BiggerPockets, Meyer, he's bullish, there's, it's, Skylar Olsen, she's Organizations: Service, Federal Reserve, Business, ATTOM, Labor

Last week, 30-year mortgage rates averaged 6.28%, and they're even lower today, according to Zillow data. What does this mean for mortgage rates? 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. 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

Mortgage rates are down in response to the labor market slowing. Average 30-year mortgage rates are now hovering in the low 6% range, according to Zillow data, the lowest they've been since January 2024. 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 is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. 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: of Labor Statistics, Federal Reserve, Zillow, Mortgage, Association, Sky Locations: U.S, Chevron

☆ Mortgage rates plunge to the lowest level in over a year after weak employment report
▼ + stars: | 2024-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury. The 30-year fixed rate started the week at 6.81%, so the drop in just the past five days is dramatic. Buyers were battling not just high interest rates but high home prices and a lack of supply.

Persons: Jerome, Powell didn't, Matthew Graham, Graham, Mike Fratantoni Organizations: Mortgage News, Treasury, Federal, Buyers, Mortgage, Association, Mortgage Bankers Association

As the Fed lowers rates, mortgage rates are expected to go down. "Mortgage rates declined to their lowest level since early February," Sam Khater, Freddie Mac's chief economist, said in a press release. 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. 15-Year Fixed Mortgage Rates Barely Tick Down (-0.05%)The average 15-year mortgage rate is 5.55%, five 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: Freddie Mac, Jerome Powell, Sam Khater, Freddie Mac's, you'll, It's, refinance, they've Organizations: Reserve, Zillow, FHA Locations: Chevron

Mortgage rates are often indirectly impacted by changes to the federal funds rate, and as the Fed starts lowering its benchmark rate, mortgage rates are expected to go down as well. This means that as long as inflation continues to ease, mortgage rates should drop further this year. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates fell to 6.07% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

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

☆ What to do now that the Fed is signaling lower interest rates
▼ + stars: | 2024-07-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Given the many ways lower rates can affect your finances, here are some things to consider when deciding what steps to take in response. Here’s how lower rates may affect key areas of your financial life, along with tips on what to do about it. If that proves difficult to get, see if you can transfer your balance to a credit card from a credit union or local bank that offers lower rates than the biggest banks. And because many variables determine what that factor will be, it will be hard to figure out the impact of lower interest rates. His advice: Don’t keep more than six months’ to a year’s worth of living expenses in cash or cash equivalents.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, Diodato, you’ll, McBride, ” Dodiato, Collin Martin, don’t Organizations: New, New York CNN, Federal Reserve, Bankrate, Schwab Center, Financial Research, AAA Locations: New York, Schwab.com

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 6.78% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.07%, a two-basis-point increase from the previous 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. Once the Fed cuts rates, mortgage rates should fall even further.

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

Top Military Banks of 2024Compare the Best Military Banks and Credit UnionsThe best military banks and credit unions offer benefits to military members and their families. Competitive Rates and Low FeesThe best military credit unions and banks, just like the best credit unions and banks for civilians, offer great rates and low fees. The Best Military Banks and Credit Unions FAQsWhat advantages do military banks and credit unions offer over civilian banks? Military banks and credit unions provide services that address the challenges military members experience. For our guide we looked at military banks, military credit unions, and financial institutions that aren't specifically for the military but have products geared toward military members.

Persons: you'll, USAA, You'll, Chase, It's, Chase isn't, We've, JP Morgan Chase, Jeffrey Epstein's, Banks, Laura Grace Tarpley, Penny Hoarder, Read, Pulliam, Kit Pulliam, They’ve, Kit, Evelyn Organizations: Bank, Credit Union Military, Banks, Credit, Service, Department of Defense, Service Credit Union, Service Credit, American Consumer, Navy Federal Credit Union, Federal Credit Union, Pentagon Federal Credit Union, DC, Security Service Federal Credit Union, Security, Security Service, UT, Stripes, Chase Bank Start, Chase Bank, Chase, Military, Apple, USAA Bank, Navy, PLUS, Navy Federal Free, Federal, Visa, Pentagon Federal Credit, Cross, . Security, Air Force, Army, Coast Guard, Marines, National Guard, Survivor, Credit Unions, Better, U.S . Virgin, SEC, Futures, Banking, Financial, Chevron, Business, Finance, National, Real, Business Insider, Tax, Vanderbilt University, Personal Finance Locations: United States, New Hampshire , North Dakota , Massachusetts, Germany, Europe, NY, Colorado , Maryland , New York, Texas, California , Florida, Georgia, Hawaii , Maryland , Nebraska , New Jersey, New Mexico , New York, North Carolina , Pennsylvania, Virginia, Guam , Puerto Rico, Japan, Colorado , Texas, Utah, Alaska, Hawaii, reimbursements, of New Hampshire, Massachusetts, England, Luxembourg, USAA, North America, Africa, Asia, Canada, States, Louisiana , New Mexico , Oklahoma, Chevron

☆ I grew up poor and now make 5 times what my parents did. I help pay their bills without sacrificing my own money goals.
▼ + stars: | 2024-07-30 | by ( Viviana Vazquez | ) www.businessinsider.com time to read: +6 min

Seeing my parents struggle took a toll on meI remember my dad borrowing money from loved ones or banks to cover the rent. AdvertisementI had already been helping my family with money for groceries and small bills, but now I wanted to contribute more financially. Establishing boundaries was a big part of my financial journeyMy parents and I haven't always been on the same page regarding money. I didn't do so either time because it didn't align with my financial goals, and my parents weren't very happy with me. For now, I'm focused on sharing my wealth with the people who deserve to enjoy it most: my loving parents.

Persons: —, Viviana, Viviana Vazquez, it's, Xavi, babysat, we'd, didn't, Viviana Vazquez I'm, I've, she'd, there's, I'm Organizations: Service, Business, Scholastic, CUNY City College Locations: Mexico, New York, Brooklyn, Baruch

Mortgage rates are down from where they've been in recent months, with 30-year mortgage rates hovering just below 6.5%, according to Zillow data. 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 6.78% this week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.07% this week, according to Freddie Mac data, which is a two-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: they've, Freddie Mac Organizations: Federal Reserve, Mortgage Bankers Association, Zillow, Fed Locations: Chevron

☆ The first Fed interest rate cut in years is on the horizon. Here's what homeowners, buyers need to know
▼ + stars: | 2024-07-29 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

Valentinrussanov | E+ | Getty ImagesThe Federal Reserve is poised to make the first interest rate cut in years this fall, which can influence mortgage rates to go down. To that point, people in the market to buy a home have been eagerly waiting for the Fed to cut rates. The Fed is meeting this week, but experts say it seems more likely that the first rate cut will come in September. That would be the first rate cut since 2020 in the onset of the Covid-19 pandemic. While mortgage rates are fixed and mostly tied to Treasury yields and the economy, they are partly influenced by the Fed's policy.

Persons: Chen Zhao, Freddie Mac, Refinance, it's, Zhao, Selma Hepp, Hepp, Jacob Channel, there's Organizations: Fed, Treasury, Mortgage, Association, Finance Locations: Redfin

This could cause mortgage rates to move up or down slightly. If Fed officials signal that they could start lowering the federal funds rate soon, mortgage rates could ease. This would remove a lot of the upward pressure off of mortgage rates and allow them to trend 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: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Mortgage rates have been prohibitively high this year for many would-be homebuyers. But as mortgage affordability improves throughout the next few months, more buyers should be able to find a home and mortgage payment that fits their budget. 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 is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. 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

☆ What to do when the Fed starts cutting interest rates
▼ + stars: | 2024-07-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Over the past couple of years, the Federal Reserve aggressively raised its key interest rate to a 23-year high to beat down inflation. But, realistically, how much you’ll save when the Fed lowers rates will depend on how quickly it cuts and by how much each time. Since loan amounts are substantial, this is one area where even small cuts in interest rates could make a meaningful difference in what a homebuyer will pay. A couple of quarter-point rate cuts from the Fed won’t make it meaningfully cheaper, McBride said. A few rate cuts won’t make much of a dent in today’s record-high average rate of 20.7%.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, McBride, Diodato, you’re, ” Dodiato Organizations: New, New York CNN, Federal Reserve, Bankrate, Fed Locations: New York

It's also looking increasingly likely that mortgage rates will drop even further in the coming months. As inflation continues to slow and the Fed is able to start lowering the federal funds rate, mortgage rates should trend down. This will remove some of the upward pressure off of mortgage rates and allow them to fall a bit. 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. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Inch Up (+0.08%)The current average 30-year fixed mortgage rate is 6.38%, up eight basis points from where it was this time last week, according to Zillow data.

Persons: It's, you'll, refinance, they've Organizations: Commerce Department, Federal, Zillow, FHA Locations: Chevron

☆ What Kamala Harris' latest financial disclosure reveals about her investment portfolio
▼ + stars: | 2024-07-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

Harris For President Campaign | Via ReutersFinancial experts describe Vice President Kamala Harris' investment style in one word: Boring. In her role as vice president, Harris filed a public financial disclosure report for 2023, which was signed in May. Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, who also reviewed Harris' financial disclosure, said it makes her "heart sing" to see Harris investing in low-cost passive investment strategies. Since 2020, mortgage rates have increased substantially, which means the couple missed their chance to lock in a low rate for a longer term. McClanahan said she urged everyone to lock in the record low mortgage rates that were available back then.

Persons: Kamala Harris, Barack Obama, Michelle Obama, Harris, Dustin Thackeray, She's, Thackeray, Carolyn McClanahan, McClanahan, Vance, —, Second, Douglas Emhoff, Barry Glassman, Glassman, Cash, Emhoff, it's, Ted Jenkin, Atlanta . Jenkin Organizations: Democratic, Reuters, Crewe Advisors, Planning Partners, CNBC, Finance, GOP, Wealth, CNBC's, Council Locations: U.S, Salt Lake City, Jacksonville , Florida, California, Atlanta .

The summer is usually a peak time for the housing market, but rising prices and still-high mortgage rates have kept demand relatively low. 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 RatesLast week's average 30-year fixed mortgage rate was 6.78%, according to Freddie Mac. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

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

Average 30-year mortgage rates continue to hover in the mid-6% range after dropping earlier this month, according to Zillow data. 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 6.77% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.05%, a 12-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: homebuyers, myFICO, you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Mortgage rates haven't moved much in recent days, with average 30-year mortgage rates sticking around 6.51% so far this week, according to Zillow data. 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 were 6.05% this week, according to Freddie Mac data, which is a 12-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. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, Zillow, Federal Reserve, Fed Locations: Chevron

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