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
The CEO of Fannie Mae has exited unexpectedly as President Donald Trump weighs plans to sell shares of the government-backed mortgage giant in a public offering. Fannie Mae announced the immediate departure of Priscilla Almodovar from the CEO role last Wednesday, naming COO Peter Akwaboah as the company’s acting CEO. Almodovar, 58, had led Fannie … Read more
Mortgage rates dipped yet again. The Freddie Mac 30-year fixed rate fell to 6.19%, its lowest level in more than a year. That’s a meaningful drop, and it comes as markets fully price in another possible Federal Reserve rate cut after it meets next week. While this gives buyers some breathing room, it’s worth noting … Read more