Average mortgage rates had dropped nicely, by half a percent, as of last week’s mortgage rate survey published by Freddie Mac, on continued worries over a possible recession coming this year. However, by week’s end, with strong enough economic data – especially a stronger than expected Jobs Report, rates reversed course ending higher. Yes, markets
Hope you had a fantastic Fourth of July holiday! As the possibility of recession increases based on the latest GDP (gross domestic product) data released and high inflation, mortgage rates paused their upward trend last week, even showing slight improvement. This pause should help the housing market rebalance to a more normal pace of home
As summer arrives, we’re still seeing mortgage rates climb and the housing market continues to transition to a more balanced environment between buyers and sellers. According to Freddie Mac’s latest survey of average mortgage rates, the 30-year and 15-year are both up slightly for the week. However, last week was significantly calmer in terms of
Well, after taking a breather for a few weeks, rates surged last week following shifting inflation expectations and the change in Fed policy regarding inflation. According to the latest survey of averages by Freddie Mac, rates for the average 30-year fixed-rate loan are up .55 percent. We’re also continuing to see signs of the tight
Drama, drama, drama in our update for this week. The markets have been reeling since Friday’s higher than expected consumer inflation report came out. Unless you’ve been living under a rock – which may be a good idea…no inflation under there – you’ve likely seen the headlines splashed all over the media that the CPI
Today’s update is a combo of good news and bad news. Which do you like first? I prefer the good news first, so here it goes…mortgage rates have taken a breather from their robust rise and we’ve even seen momentary improvements. Overall though, it’s no surprise that rates are higher than last year at this
Despite headwinds to economic growth, namely inflation, the housing market continues to show strength. Most recently we saw reports come out on home price appreciation. Core Logic reported a 20.6 percent increase in home prices year over year and prices are increasing in all 50 states. We haven’t seen these levels of price appreciation, this
Well, never a dull moment in the housing and mortgage market! Last week Freddie Mac actually reported a slight decrease in the interest rate trend. Interesting! And according to Chief Economist at Freddie, Sam Khater, we’re likely to continue to see mortgage rate volatility as a result of continued economic uncertainty, purchase demand slowing, and
It’s in times like these, with rates moving consistently higher, it makes publishing this weekly newsletter difficult because I wish I had some fantastically good news to share with you. BUT, I actually do have some good news and some real talk too. First, we saw some slight improvement in rates last week, which has
Well, Cinco de Mayo was no party for the mortgage market as Freddie Mac reported on May 5th that average rates for a 30-year fixed-rate mortgage have reached their highest level since 2009. Regardless, people still need to buy homes, and the housing market is expected to remain strong, although we’re starting to see price
