What goes up sometimes comes down, and that’s what happened over this last week with mortgage rates as we saw Treasury yields decline. According to the weekly mortgage rate survey published by Freddie Mac, average mortgage rates had the latest one-week drop since last November, which is great news for home buyers. As we know,
Last week’s biggest economic headline centered on inflation news and the consumer price data that came out showing the CPI (consumer price index) rising by 0.6 percent for the month, higher than expected. The main reason? Energy prices, mainly oil prices, which, if you’ve been to the gas station recently, is no surprise. The core
Mortgage rates improved but just by a tiny bit last week, according to the weekly survey of average rates released by Freddie Mac. The economy remains strong, and inflation has eased, but there are concerns by economists that inflation may be headed up again, thanks to rising oil prices. If you’ve been to the pump
Well, even though August is vacation time for many, me included, mortgage rates have not taken a vacation from hiking higher. For the third week in a row, rates have risen bit by bit, according to Freddie Mac’s weekly survey of average rates. Yes, it makes homes less affordable, but rates rise as a result
This week is a case of good news, bad news. Good news is that the economy is proving to be resilient and the housing market strong. The downside of this situation is that inflation continues to persist, a factor that is pushing mortgage rates higher. The robust housing market is also causing inventory to be
A big Fed Meeting this week had traders and markets holding their collective breaths. The latest inflation readings show consumer prices increasing at the smallest rate in more than two years. Analysts were hopeful that the Fed would pause their rate increases, which they announced today they would pause interest rate increases. Mortgage rates barely
By the end of last week, thanks to a robust jobs report, mortgage rates have trended higher based on positive news about the economy. The likelihood has increased that the Fed will raise interest rates at its next meeting. According to Freddie Mac’s lead economist, Sam Khater, the demand for home purchases has been steady,
Rates remain in the flattest trend they’ve seen in a long time. It may not seem like it if you’re looking at the up and down gyrations of rates day to day, but the trend since Q4 2022 has been in and around the mid-6 percent level for a 30-year fixed rate mortgage, for the
Following the strong jobs report and the Fed’s interest hike that I wrote about in last week’s update, it’s no surprise that mortgage rates moved higher in the most recent survey of average mortgage rates by Freddie Mac. According to Sam Khater, Freddie Mac’s Chief Economist. “The 30-year fixed-rate continues to hover close to six
As mortgage rates remain elevated to start the year, we’re seeing buyers step back to the sidelines to wait and see what this year will bring for the housing market and mortgage rates. This is typically a slower time of year for housing sales and mortgage applications, so it’s not that surprising, however, this year
