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☆ Home prices will 'go through the roof' as soon as rates come down a single percentage point, 'Shark Tank' investor Barbara Corcoran says
▼ + stars: | 2024-03-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Home prices will soar the moment mortgage rates drop to 6%, Barbara Cocoran predicted. The "Shark Tank" investor is anticipating a wave of buyers coming to market once rates fall one percentage point. Buyers waiting for rates to come down may wind up paying more in the end, she warned. Real estate economists say that mortgage rates aren't primed for a significant drop anytime soon. Mortgage rates are influenced by real interest rates in the economy, and the Fed has hinted it could keep rates higher for longer as it continues to monitor inflation.

Persons: Barbara Cocoran, —, Barbara Corcoran, Cocoran, Freddie Mac, Corcoran, meanwhile Organizations: Service, Fox Business Network, Corcoran Group

Mortgage rates have been inching down this week, and they're expected to fall further later this year. Once the Fed begins cutting rates, mortgage rates should trend down more permanently. But until we get more data showing that price growth is moderating, mortgage rates may be somewhat unpredictable. 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 inched up to 6.21% last week, according to Freddie Mac data.

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

As the weather warms up and we head into the homebuying season, high mortgage rates should keep home prices from rising too fast. 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 RatesLast week, average 15-year mortgage rates were 6.21%, a five-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: Selma Hepp, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

☆ Homebuyers' Biggest Mistake: Waiting for Mortgage Rates to Fall
▼ + stars: | 2024-03-27 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Then, as the Federal Reserve began its battle against inflation in 2022, mortgage rates shot up, eventually hitting a 20-year high in October. Over the past decade, there's been a clear correlation between mortgage rates and inventory: When mortgage rates fall, the number of available homes for sale at a given moment shrinks. So, yes, waiting it out until mortgage rates decline sure seems appealing. The Federal Reserve has signaled that it plans to drop borrowing rates this year, which would likely push down mortgage rates. Advertisement"People are focusing on mortgage rates because every week they hear about mortgage rates changing," Doerner of the FHFA told me.

Persons: swiping, there's, Mike Simonsen, Freddie Mac, CoreLogic, —, homebuyers, Redfin, John Burns, Alex Thomas, There's, Will Doerner, Doerner, They're, Simonsen, it's, Jerome Powell Organizations: Federal Reserve, Buyers, Altos Research, Bank of America, John, John Burns Research, Consulting, Federal Housing Finance Agency, Federal, Fed

☆ There’s more bad news for potential homebuyers: Prices just hit another record
▼ + stars: | 2024-03-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US home prices rose at the fastest clip in months to a fresh record high in January, according to data released Tuesday, highlighting how a housing shortage combined with high mortgage rates continues to limit affordability. The S&P CoreLogic Case-Shiller US National Home Price index rose 6% in January from a year before, accelerating from a 5.6% annual increase in December. “On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year,” he noted. On a month-over-month basis, prices rose 0.4% on a seasonally adjusted basis. Minneapolis home prices have declined 2.4% during the three months ended in January, according to the report.

Persons: ”, Brian Luke, Dow, Freddie Mac Organizations: CNN, “, San Diego, Dow Jones, Minneapolis Locations: San Diego , Los Angeles, Washington

Mortgage interest rates have decreased in recent days after climbing last week. Mortgage interest rates aren't directly tied to the Fed rate. 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. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Reserve, Zillow, Federal Reserve, Fed Locations: Chevron

☆ Here’s why high interest rates haven’t caused a US recession
▼ + stars: | 2024-03-19 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

America’s economy remains remarkably solid, despite the high interest rates. The Fed dramatically cut interest rates in the early days of the Covid-19 pandemic to help shore up an economy dealing with high unemployment, prompting mortgage rates to also drop in tandem. Those homeowners who locked in an affordable 3% mortgage rate, for instance, aren’t likely to trade it for anything higher. Fed officials reflected in their latest economic projections from December that they expect to cut interest rates three times this year, which would also lower mortgage rates. That all means that Americans have been well equipped to deal with the effects of high interest rates.

Persons: Jerome Powell, ” Powell, ” Dan North, Freddie Mac, ” Karen Manna, Federated Hermes, “, ”, Powell Organizations: DC CNN, Federal Reserve, Reserve, CBS, Allianz Trade, CNN, Fed, Employers, Consumer Finances, Federated Locations: Washington

☆ The Federal Reserve may not cut interest rates just yet, here's what that means for your money
▼ + stars: | 2024-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up; they are going to take the stairs coming down," he said. Annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. "The reality of it is, a lot of borrowers are paying double-digit interest rates on those right now," McBride said. Federal student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Greg McBride, McBride, Sam Khater, Freddie Mac's, that's, Ivan Drury, Edmunds, Drury Organizations: Reuters, Treasury, Fed Locations: Edmunds

Mortgage rates started the week relatively low, but they're back up today. Mortgage rates are expected to go down in 2024, but they've been elevated so far this year in response to still-high inflation. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 6.16% this week, according to Freddie Mac data.

Persons: they've, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve 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

The latest forecasts expect mortgage rates to go down in 2024 and 2025, with experts predicting that 30-year rates could fall somewhere between 5.9% and 6.1% by the end of this year. 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 6.22% last week, according to Freddie Mac data, which is a four-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 is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Federal, Zillow, Federal Reserve, Fed Locations: Chevron

First-time homebuyer no down payment programsIt's possible to get a mortgage with no down payment. VA mortgage borrowers enjoy the ability to put no money down and interest rates that are typically lower than conventional mortgage rates. Other low down payment mortgage optionsIf you don't qualify for VA or USDA no down payment home loans, there are other strategies you can use to reduce the down payment you're required to pay. Preparing for the application processTo ensure you qualify for a no down payment mortgage, work on getting your credit score in a good place. Forgoing a down payment may mean paying a higher interest rate and higher monthly payment on your mortgage.

Persons: you'll, Here's who's, Fannie Mae, Freddie Mac Organizations: US Department of Veterans Affairs, US Department of Agriculture, Federal Housing Administration, Federal Housing Finance Agency, USDA, Chevron Locations: homebuyers

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

Mortgage rates fell last week, and they remain low today. But as the economy continues to balance out and inflation cools, mortgage rates should trend down. In its most recent forecast, Fannie Mae predicted that 30-year mortgage rates could finally drop back down below 6% by the end of the 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 inched down to 6.22% last week, according to Freddie Mac data.

Persons: There's, Fannie Mae, you'll, Freddie Mac, it's, they've Organizations: Federal Reserve, Zillow Locations: Chevron

☆ How the Canadian mortgage model could help unfreeze the housing market
▼ + stars: | 2024-03-09 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Read previewCopying the way mortgages work in countries such as Canada and the UK could help thaw the frozen US housing market, experts say. Prospective buyers are also balking at paying such high mortgage rates, especially when national home prices are near record levels, fueling an affordability crisis. AdvertisementOffering portable mortgages would enable hesitant sellers to keep their rock-bottom mortgage rates when they move, potentially boosting overall inventory and transaction volumes. She suggested the best fix for the frozen housing market will be if inflation cools, the Fed cuts interest rates, and mortgage rates fall to historical norms. Fannie Mae and Freddie Mac, the government-sponsored enterprises that direct the mortgage market, would have to be on board to make mortgage portability a reality, but that doesn't appear to be the case.

Persons: —, Julia Fonseca, Fonseca, Richard Martin, University of Georgia's Terry, Susan Wachter, Wachter, Fannie Mae, Freddie Mac Organizations: Service, Business, University of Illinois, University of Georgia's, University of Georgia's Terry College of Business, The Wharton School, Federal Reserve, Federal Housing Finance Agency, American Banker Locations: Canada, University of Illinois Urbana, Champaign, conservatorship

Mortgage rates fell this week and are now back down to where they were early last month. This means that, as many experts have predicted, mortgage rates should go down in 2024. 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 RatesLast week, average 15-year mortgage rates were 6.22%, a four-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: we're, you'll, Freddie Mac, it's Organizations: Labor Statistics, Federal Reserve, Zillow Locations: Chevron

Mortgage rates are expected to go down in 2024, but they increased in February in response to hotter-than-expected economic data. Once the Fed starts lowering rates, mortgage rates should trend down, too. In its latest forecast, Fannie Mae predicted that 30-year mortgage rates will reach 5.9% by the end of the year. 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. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Fed Locations: Chevron

☆ Biden says he can fix America’s housing affordability crisis. Will it work?
▼ + stars: | 2024-03-08 | by ( Bryan Mena | Anna Bahney | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans are in the throes of the worst housing affordability crisis in decades. If inflation keeps coming down, mortgage rates will come down as well. The first is a $10,000 refundable credit for middle-class homebuyers – essentially an interest rate buy-down. So, when inflation is too high, the only thing the Fed can do is jack up interest rates to slow demand. “We’ll still have the underlying housing shortage and and it’s going to be causing upward pressure on housing prices,” he said.

Persons: Joe Biden, I’m, ”, Biden’s, Biden, David Dworkin, ” Dworkin, “, Ed DeMarco, Jerome Powell, Freddie Mac, Powell, ” Powell, “ We’ll Organizations: Washington CNN, National Housing Conference, Council, Federal, Senate, Fed Locations: Thursday’s State, America

☆ The housing market may finally be thawing as mortgage rates and housing inventory improve
▼ + stars: | 2024-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Mortgage rates eased for the first time in five weeks, Freddie Mac said Thursday. Easing affordability and improving inventory suggests a gradual thawing of the market. "It's important to remember that rates can vary widely between mortgage lenders so shopping around is essential." However, Capital Economics strategists wrote earlier in the week that easing mortgage rates won't be enough to spark a meaningful, lasting rebound in home demand. Advertisement"Even if mortgage rates fall to 6% as we expect, mortgage rate 'lock in' will continue to curb home moves," Capital Economics strategists wrote in a note.

Persons: Freddie Mac, —, — that's, Freddie Mac's, Sam Khater, Jerome Powell, Realtor.com, that's Organizations: Service, Capital

☆ Mortgage rates drop after climbing for four weeks
▼ + stars: | 2024-03-07 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down slightly this week, a tiny boon to buyers eager to make a move with newly listed homes coming to market. The 30-year fixed-rate mortgage averaged 6.88% in the week ending March 7, down from 6.94% the previous week, according to data from Freddie Mac released Thursday. While mortgage rates are expected to fall further in 2024, Sturtevant added, short-term movements in mortgage rates will likely be influenced by congressional testimony given this week by Federal Reserve Chair Jerome Powell. During his semiannual monetary report to Congress, he indicated there is no rush to cut interest rates with more evidence of cooling inflation. The February jobs report, which will be released Friday, is also likely to have some bearing on mortgage rates.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, homebuyers, Khater, Redfin, Lisa Sturtevant, ” Sturtevant, Sturtevant, Jerome Powell Organizations: DC CNN —, Mortgage, Association, Federal Housing Administration, Redfin, MLS, Bright MLS, Federal, Congress Locations: Washington

Mortgage rates have been holding steady after rising last month, and they could stay near their current levels throughout March. This means that mortgage rates will likely remain elevated for at least a few more months. But investor expectations how of Fed rate changes could impact the broader economy can push mortgage rates up or down. 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 inched down to 6.26% last week, according to Freddie Mac data.

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

This week, we'll be getting two big pieces of labor market data that could have an impact on mortgage rates. This means it's possible we'll see mortgage rates start to ease right as the homebuying season is heating up. 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 RatesLast week, average 15-year mortgage rates were 6.26%, a three-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

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

Mortgage rates are still expected to go down in 2024, but it will probably be at least a few more months before we see rates start to trend lower. 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 6.26% this week, according to Freddie Mac data, which is a three-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 is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Federal Reserve, Zillow, Fed Locations: Chevron

Uncertainty around when the Federal Reserve will start cutting rates has kept mortgage rates elevated in recent weeks. This week, average 30-year mortgage rates ticked up four basis points to 6.94%, according to Freddie Mac. Once inflation gets closer to the Fed's 2% target rate and the central bank starts lowering its benchmark rate, mortgage rates should 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. 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: Freddie Mac, Sam Khater, Freddie Mac's, we'll, Fannie Mae Organizations: Federal Reserve, homebuying, Commerce Department, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Premarket stocks: Retailers warn Wall Street to expect less shopping this year
▼ + stars: | 2024-03-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Lowe’s: The home improvement giant projected total sales of $84 billion to $85 billion for 2024 in fourth-quarter results reported on Tuesday. Mortgage rates edge closer to 7%, dampening start of spring homebuying seasonUS mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway, reports my colleague Anna Bahney. “Mortgage rates continued their ascent this week, reaching a two-month high and flirting with 7% yet again,” said Sam Khater, Freddie Mac’s chief economist, in a statement. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. But in recent weeks, as the market absorbs expectations that the Federal Reserve will not cut its benchmark lending rate until later this year, mortgage rates have trended higher.

Persons: they’re, ”, Marvin Ellison, Macy’s, Tony Spring, Corie Barry, ’, ” Barry, Diksha Madhok, Hanna Ziady, “, Thamashi De Silva, Knight Frank, Read, Anna Bahney, Freddie Mac, Sam Khater, Freddie Mac’s, Khater Organizations: CNN Business, Bell, New York CNN — Companies, Federal Reserve, Commerce Department, United States’s, Gross, Capital Economics, “ Locations: New York, That’s, India

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