Tag Archives: rates

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

Federal Reserve Chairman Jerome Powell on Friday said the central bank’s job on lowering inflation is not done, suggesting that the Fed will continue to aggressively raise interest rates to cool the economy. “We will keep at it until we are confident the job is done,” Powell said in remarks delivered at the Fed’s annual conference in Jackson Hole, Wyoming. “While the lower inflation readings for July are welcome, a single month’s improvement falls far short of what the Committee… 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

U.S. stocks surged Wednesday as investors mulled a major decision from Federal Reserve policymakers to raise interest rates by 0.75% and remarks from Chair Jerome Powell hinting the central bank may slow the pace of its rate-hiking cycle. Better-than-expected earnings from tech giants also helped lift sentiment. The S&P 500 jumped 2.6%, while the Dow Jones Industrial Average gained 430 points, or roughly 1.4%. The tech-heavy Nasdaq Composite soared 4.1%. The Fed on Wednesday issued another 75… Source link

The Federal Reserve on Wednesday raised interest rates by 0.75% as the central bank attempts to avoid a deep recession. The decision to move by 0.75% matched the magnitude of the Fed’s last move in June, which was its largest single-meeting rate increase since 1994. Wednesday’s decision was unanimously agreed upon by voting members of the Federal Open Market Committee. The Fed has now moved in four consecutive meetings to increase borrowing costs in America, extending its effort to dampen… Source link

Technology stocks led markets higher for a third straight session Thursday as investors mulled a slew of mixed earnings and a surprise rate hike from the European Central Bank. The tech-heavy Nasdaq Composite gained 1.3%, while the benchmark S&P 500 index rose 1%. The Dow Jones Industrial Average added 160 points, or 0.5%. Shares of Amazon (AMZN) pushed higher for a seventh straight day, placing the e-commerce giant on pace for its longest winning streak since June 2020. The stock climbed 13%… Source link

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

‘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

Average annual percentage rates (APR) for new credit cards have reached a record high. The average bank card borrowing rate in America in June rose to around 20%, revealing a steep increase of about 6% compared to the pre-pandemic average credit card rate of 14.87% in 2019. “Credit card interest rates are basically the highest they’ve ever been. I’ve been watching credit card rates on a monthly basis for more than a decade now. And it’s the highest that they’ve been since I’ve… Source link