Tag Archives: mortgage

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Wednesday, Nov. 2, 2022 Today’s newsletter is by Janna Herron, Yahoo Finance’s personal finance editor. Follow Janna on Twitter @JannaHerron. Read this and more market news on the go with Yahoo Finance App. It’s no secret the mortgage market is getting hammered. Just look at last week’s stats on new home sales and pending ones and you… Source link

Homebuyers who were able to buy over the past years or owners who locked in dramatically low mortgage rates by refinancing are not selling as those same rates climb. “That’s going to continue likely for the rest of this year, as affordability challenges really reign [over] buyers’ budgets and sellers’ decisions on whether or not to list their homes,” Zillow Economist Nicole Bachaud told Yahoo Finance Live (video above). The housing market is in the midst of a major shift as the Federal… Source link

Homebuyers are having a ‘come to Jesus’ moment as mortgage rates now top 7% — here’s when things are expected to get better The rate on America’s most popular home loan has topped 7% for the first time in 20 years as the housing market faces a potentially lengthy slowdown. Rapidly rising mortgage rates have taken a toll on home buying, and forecasts show continued weakness into 2023. Home sales and new listings have hit record lows since the early days of the pandemic, and more than… Source link

Mortgage rates surpassed 7% for the first time since April 2002, adding more reason for price-struck homebuyers to stay on the sidelines. The rate on the average 30-year fixed mortgage hit 7.08%, up from 6.94% the week prior, according to Freddie Mac. Rates have jumped 3.86 percentage points since the start of the year, the largest year-to-date increase in over 50 years. The dramatic increase in rates – driven by the Federal Reserve’s aggressive fight on inflation – has crushed homebuyer… Source link

‘Unhealthy and unsustainable’: Homebuyers aren’t buying and homebuilders aren’t building in the face of untamed mortgage rates U.S. 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 — now more than double what it was at the beginning of the year — inches closer to 7%. Homebuilders, too, are losing confidence in the… Source link

‘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 — now flirting with the 7% mark — is more than double what it was at the beginning of the year. Even as the surge in home prices continues to… Source link

Mortgage rates jumped more than a quarter point this week and remain at the highest level in 14 years, offering no relief to sidelined homebuyers. The average rate on the 30-year fixed mortgage increased to 6.29% from 6.02% last week, according to Freddie Mac, marking the highest point since the last week of October 2008. Rates are more than 3 percentage points higher than at the start of the year. Rapidly rising rates this year have only made what was an unaffordable housing market for many… Source link

Mortgage rates hit their highest point since November 2008 this week, crushing homebuyer demand. The rate on the 30-year fixed mortgage jumped to 5.89% from 5.66% the week prior, according to Freddie Mac. Rates have surged nearly three-quarters of a point in just three weeks and are now over 2.5 percentage points higher than the start of this year. Elevated borrowing costs and inventory shortages have pushed inflation-struck homebuyers to the sidelines, while those who remain in the market are… Source link

Mortgage rates jumped again this week, giving no relief to the price-weary homebuyers still in the market. The rate on the 30-year fixed mortgage increased to 5.66% from 5.55% the week prior, according to Freddie Mac, and is up more than a half-point from two weeks ago. While lower than the 5.81% registered in June, the rate remains over 2 percentage points higher than the start of the year. Higher borrowing costs have left cash-strapped homebuyers at a divide. Some folks have opted to put off… Source link

Mortgage rates jumped back above 5%, after briefly and barely falling below that level last week. The rate on the 30-year fixed mortgage increased to 5.22% from 4.99% the week prior, according to Freddie Mac. While the rate remains lower than the 5.81% registered in June, it’s still 2 percentage points higher than the start of the year. The jump in rates is discouraging news for sidelined, price-shocked buyers, who are contending with tough affordability conditions. Meanwhile, homeowners are… Source link