Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Rise Above 7 Percent
September 28, 2022
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Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Seen Rising Above 7 Percent
September 28, 2022
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Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Ex-Treasury Secretary Says ‘We’re in New Financial Territory’
September 28, 2022
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Lawrence Summers, the former Secretary of Treasury under the Clinton administration, has warned that home mortgage rates are set to climb even higher. “The U.S. 10-year rate just crossed above 4 percent. Mortgage rates comfortably exceed 7 percent. We are now in new financial territory,” Summers noted in a tweet on Sept. 28. The average contract rate…
Mortgage Rates Jump to 14-Year High as Fed Delivers Jumbo Rate Hike
September 23, 2022
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U.S. mortgage rates spiked to record highs for the fifth straight week following the Federal Reserve’s decision to raise its key interest rate. The average interest rate on a 30-year fixed-rate mortgage was 6.29 percent for the week ended Sept. 22, according to data from the mortgage lender Freddie Mac. This is the highest level…
Sales of Previously Owned Homes Fell in August, as Prices Ease From Record Highs
September 22, 2022
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Sales of previously owned homes fell in August from July for the seventh consecutive month of decline, while prices declined from record highs. The annual rate of existing home sales fell 0.4 percent, to 4.80 million units, last month, the slowest pace since early in the pandemic in May 2020, according to the National Association of…
Here’s How Much a New Monthly Mortgage Will Cost
For the first time since the housing crash more than a decade ago, mortgage rates have exceeded 6 percent, rising alongside the Federal Reserve’s inflation-busting tightening efforts. The 30-year fixed-rate mortgage averaged 6.02 percent for the week ending on Sept. 15, according to the new Freddie Mac Primary Mortgage Market Survey (PMMS), up from…
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
How Interest Rates Affect Monthly Payments—The Math
August 26, 2022
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Commentary The party’s over for many would-be homeowners. The “party” I’m referring to is the historically low interest rates that made borrowing money the most affordable it had ever been. As of August 2022, the average interest rate on a 30-year fixed Freddie Mac mortgage is 4.99 percent, which is up from about 2.68 percent…
Mortgage Rates Jump to Levels Not Seen Since 2008 as Home Affordability Worsens
June 23, 2022
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U.S. mortgage rates rose again last week, reaching close to a 14-year high, according to Freddie Mac in a statement on June 23. The average rate for a 30-year loan hit 5.81 percent, up from 5.78 percent last week, after reaching its largest one-week jump since 1987, while rates diverged from the decline in yields for…
US Mortgage Interest Rates Hit 4 Percent First Time in Over Two Years
February 17, 2022
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Interest rates on 30-year fixed-rate mortgages have exceeded 4 percent for the first time in more than two years as overall mortgage applications declined for the week ending Feb. 11, based on data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. “The 30-year fixed-rate saw the largest single-week increase since March 2020 and…
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