Comment on this story Comment Mortgage rates topped 7 percent this week, the highest level in 20 years — and the latest sign that the Federal Reserve’s aggressive moves to slow the broader economy are already hitting the housing market hard. The average rate for a 30-year fixed mortgage, the most popular home-loan product, reached …
Mortgage rates rise above 7 percent as Fed scrambles to slow economy Read More »
CNN — After more than doubling this year, mortgage rates are expected to retreat in 2023, according to an updated forecast from the Mortgage Bankers Association. MBA’s economists also said they expect the US to enter a recession in the first part of next year that will be driven by tighter financial conditions, reduced business …
‘Unhealthy and unsustainable’: Homebuyers aren’t buying and homebuilders aren’t building in the face of untamed mortgage rates US mortgage rates crept up once again this week as demand for home loans tumbled, according to a pair of widely followed reports. Buyers and sellers are increasingly on edge as the average 30-year fixed mortgage rate — …
Interest and mortgage rate percent change from St. Louis Fed, chart by Mish The Fed is hiking at an unprecedented rate. Mortgage rates have been following the 10-year rate up. The shorter the duration, the faster the move. 2-Year and 3-Month Interest Rate Percent Change Interest rate percentage change from St. Louis Fed, chart by …
Mortgage and Interest Rate Shock, Never in History Have Rates Risen So Fast Read More »
Even if Federal Reserve Chairman Jerome Powell and his cohorts stopped hiking policy rates soon, the 30-year fixed mortgage rate would still climb to 10%, according to Christopher Whalen, chairman of Whalen Global Advisors. That’s because the Fed’s torrid pace of rate increases in 2022 takes time to seep back into mortgage rates, especially with …
Why the housing market should brace for double-digit mortgage rates in 2023 Read More »
‘The numbers just don’t work’: While rising mortgage rates have some homebuyers giving up, others think they’ve found a workaround America’s most popular home loan got more expensive again this week, striking yet another blow to haggard home shoppers staring at the steepest borrowing costs in 20 years. The average 30-year fixed mortgage rate — …
Here’s a chart that speaks a thousand words about the state of the real estate market right now. The chart above, part of a new report by real-estate brokerage Redfin RDFN, -7.03% on the property market, reveals how home sellers are adjusting to the new normal of 7% mortgage rates. The chart says that 7.9% …
After taking a breather last week, mortgage rates rose again – moving even closer to 7%. The 30-year fixed-rate mortgage averaged 6.92% in the week ending October 13, up from 6.66% the week before, according to Freddie Mac. It is the highest average rate since April 2002. A year ago, the 30-year fixed rate stood …
Mortgage rates step back from the brink, but hesitation is still at a 25-year high The interest rate on the most popular home loan in America has fallen for the first time in seven weeks, ending a streak that pushed borrowing costs to their highest point since 2007. Even with the decline, the average 30-year …
Mortgage rates step back from the brink, but hesitation is still at a 25-year high Read More »
The average US homeowner saw their monthly mortgage payment rise by 15 percent or $337, according to a shocking new report from Redfin. The report goes on to say that the rising mortgage rates of around seven percent are the highest since July 2007 shortly before the crash that triggered the great recession. This is …
