Tag Archives: mortgage

Mortgage rates are back up again following two weeks of declines that did little to boost homebuyer demand. The rate on the 30-year fixed mortgage jumped to 5.51% from 5.30% the week prior, according to Freddie Mac. While lower than the 5.81% registered in late June, the average rate is still more than 2 percentage points higher than the beginning of the year. Rates add to the challenging affordability conditions homebuyers are facing that include persistently high inflation and now newfound… Source link

Homeownership just got 5% cheaper as mortgage rates fall off a cliff U.S. mortgage rates fell sharply and for the second straight week as monetary policies meant to slow the economy take hold of the housing market. The rate on the popular 30-year fixed mortgage hasn’t fallen this much since December 2008, a new report shows. Though rates have been rising for most of this year, the recent dips provide a sliver of hope for buyers. Purchasing a home is now about 5% more affordable than it was a… Source link

The Biden administration may trim mortgage costs for new and low-income homebuyers in a move to make homebuying more accessible, The Wall Street Journal reports. Industry officials are asking the Federal Housing Administration to cut premiums it charges for loans they insure by $50 to $70 a month per buyer, though some analysts say the federal agency is unlikely to make such deep cuts, the newspaper reports. Biden’s moves to make homebuying more affordable have so far centered on easing… Source link

‘How quickly the tables have turned’: Falling mortgage rates have homebuyers so emboldened they’re asking sellers for cash After a string of steady increases, mortgage rates fell this week — a mixed blessing for the fragile U.S. economy. The lower rate on a 30-year fixed mortgage is a relief for home shoppers who have been watching rates climb, but it’s also a sign that a recession could very well be around the corner as the market slows. Rates tend to mirror 10-year Treasury yields,… Source link

Mortgage rates pulled back this week, a well-needed pause for price-stricken homebuyers. The rate on the 30-year fixed mortgage retreated to 5.70% this week — down from 5.81% the week prior, according to Freddie Mac. Still, rates recently tracked up a whopping 72 basis points within a three-week period, remaining nearly two-and-a-half percent points higher than at the start of the year. The rapid surge in borrowing costs rattled first-time buyers who are seeing their affordability decline… Source link

JPMorgan Chase (JPM) is slashing jobs in its home-lending division as rising mortgage rates and inflation drive a slowdown in the housing market. The bank is expected to lay off or reassign more than 1,000 employees, Bloomberg News first reported on Wednesday. Bloomberg’s report indicated “about half” of these impacted workers will be moved to different departments within the bank. “Our staffing decision this week was a result of cyclical changes in the mortgage market,” a JPMorgan… Source link

Joining LIV Golf has been a major financial boon (and moral quandary) for multiple golfers, but making the big leap has come with some costs as well. Bryson DeChambeau, who joined LIV Golf earlier this week for a reported $100 million, was publicly dropped by sponsor Rocket Mortgage on Friday, according to The Detroit News. The company cited its relationship with the PGA Tour, which holds the annual Rocket Mortgage Classic in Detroit, in cutting ties with DeChambeau. The statement, via Detroit… Source link

Mortgage rates fall a third week in a row as housing market tilts in homebuyers’ favor Mortgage rates fell again this week amid relentless inflation and persistent doubt around the health of the U.S. economy. The rate drop — the third in as many weeks — was slight but still meaningful given rising home prices and generally higher borrowing costs. America’s most popular home loan — the 30-year fixed mortgage — is still significantly more expensive than it was last year. That’s… Source link

Mortgage rates take the biggest leap in 8 weeks as clock ticks on refinancing Despite yet another wave of COVID-19 putting stress on the economy, a long-running survey shows mortgage rates have posted their biggest rise in eight weeks. Analysts say rates jumped because of an encouraging report on hiring in the U.S. If one positive report in the midst of a major COVID flare-up is enough to push rates higher, further signs of economic stability could easily do the same. Experts warn that once the… Source link

Biden’s latest mortgage assistance can cut your monthly payment by up to 25% While most U.S. homeowners have come through the pandemic unscathed, or even further ahead thanks to money-saving refinances at cheap mortgage rates, millions of others have had to opt for forbearance to put their loan payments on hold. A federal foreclosure ban provided them further protection. Now, those safeguards are falling away. Though more than 1.74 million mortgages were still in forbearance as of Aug. 10,… Source link