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
Concerns over lackluster economic growth allowed the trend for mortgage rates to continue to improve for the fourth consecutive week. According to Freddie Mac’s latest survey, it’s been since 2008 that rates have seen the decline we’ve seen over the last four weeks! Increased buyer activity has not shown up in the numbers yet, however,
The nation’s housing market continues to cool down and shift as mortgage rates seem to be trending around an average of 7.0 percent for a 30-year fixed, according to Freddie Mac’s weekly survey. The Federal Reserve continues to attempt to combat inflation and raised the Fed Funds rate once again last week at its meeting.
Continued economic uncertainty led to a slight pullback in mortgage rates last week, according to Freddie Mac’s weekly survey of average rates. Yes, rates remain at levels considerably higher than they were this time last year; however, this pullback offered borrowers a little respite. And remember, if you plan to buy soon we have some
Let me just say that Tuesday’s plummet by the Dow Jones Industrial Average (of nearly 1,300 points) and S&P averages on the stock market was not what I was expecting with the release of the latest consumer inflation numbers. However, I guess traders did not expect core inflation – which leaves out food and energy
As the tug of war between inflation pressures and a slowdown in the economy leave mortgage rates in a volatile trend, Freddie Mac’s weekly survey of average rates showed that rates experienced an impressive improvement last week. However, most of those gains have been erased as markets digest Friday’s Jobs Report and other strong data
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
