Mortgage rates ticked up slightly on Thursday but essentially held steady as markets took a pause amid cautious optimism over the federal government’s reopening after the longest-ever shutdown, tempered by lingering economic uncertainty. The average rate on 30-year fixed home loans rose to 6.24% for the week ending Nov. 13, up from 6.22% the week … Read more
Over the weekend, President Donald Trump proposed creating a 50-year mortgage to solve the growing housing affordability crisis in America. The idea was met with a mixed response: Some people who have been waiting on the sidelines to own a home for years relished the idea of a new path to ownership paired with lower … Read more
Mortgage applications to purchase a home increased last week, according to data from the Mortgage Bankers Association’s (MBA). It’s an about-face from the week prior, when purchase applications dipped. The MBA’s seasonally adjusted Purchase Index increased 6% for the week ending Nov. 7, compared with one week earlier. The unadjusted Purchase Index was up 3% on … Read more
President Donald Trump has shrugged off criticism from fellow conservatives over his proposed 50-year mortgage, saying “all it means is you pay less per month.” After Trump floated the idea over the weekend as a solution to the affordability crisis, it drew furious backlash even from his supporters, who pointed out that the small reduction … Read more
Mortgage rates climbed on Thursday after four straight weeks of declines as markets adjusted their expectations following Federal Reserve Chair Jerome Powell‘s remarks on the likelihood of future rate cuts. The average rate on 30-year fixed home loans increased to 6.22% for the week ending Nov. 6, up from 6.17% the week before, according to … Read more
Mortgage applications decreased 1.9% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA). It’s an about-face from the week prior when home loans saw a 7.1% increase. This comes as mortgage interest rates dipped to 6.17% for the week ending Oct. 30, according to Freddie Mac. That’s the fourth straight week of … Read more
The Federal Reserve’s interest rate cut this week was widely expected, but Fed Chair Jerome Powell’s comments afterward included surprises that are poised to send mortgage rates higher. After Fed policymakers voted to cut the benchmark rate by a quarter point, Powell told reporters that another rate cut in December is “far from” certain, acknowledging … Read more
Mortgage rates pulled back Thursday to their lowest level in over a year, a day after the Federal Reserve cut interest rates for the second time this year as the government shutdown neared the one-month mark and major companies announced mass layoffs. The average rate on 30-year fixed home loans fell to 6.17% for the … Read more
Pending home sales remained flat in September despite a healthy decline in mortgage rates, in an early sign of continued weakness for the fall home buying season. Signed contracts for existing homes were unchanged last month from August, and down 0.9% from a year ago, according to data released Wednesday by the National Association of … Read more
The demand for home loans rebounded with a 7.1% increase for the week ending Oct. 24, according to the Mortgage Bankers Association (MBA). It’s a turnaround from a week ago when mortgage applications decreased by 0.3%. The surge comes as mortgage interest rates dropped to 6.19%, the lowest level in over a year for the … Read more