The landscape of US mortgage rates is a dynamic and ever-evolving arena, influenced by a myriad of economic factors and policy decisions. As we look ahead to the next five years, potential homebuyers and current homeowners are keenly interested in how these rates might fluctuate, impacting affordability and the housing market at large.
Recent analyses and expert forecasts suggest a period of fluctuation in mortgage rates in the United States. The average 30-year fixed mortgage rate has remained below 7% in 2024, with expectations of a gradual decrease over the year, assuming the Federal Reserve implements anticipated interest rate cuts. This aligns with projections from the Mortgage Bankers Association (MBA), which anticipates the 30-year fixed-rate mortgage to end 2024 at 6.1%, with a further decline to 5.5% by the end of 2025.
To continue reading the rest of the article, please click on the source link below:
Americans are once again bracing for another round of higher housing costs, the New York Federal Reserve said on Monday.
As part of its latest Survey of Consumer Expectations, the regional Fed bank found that respondents see higher near-term increases for both rent and home prices, although they do see some relief over the longer haul for home prices. Households also see no relief on home borrowing costs.
The New York Fed said that in February respondents predicted home prices would rise 5.1% a year from now, up from the 2.6% they predicted a year ago. But five years from now, respondents see home prices up by 2.7%, from 2.8% in last year’s poll.
To continue reading the rest of the article, please click on the source link below:
Bloomberg) — US renters are more pessimistic about their ability to ever own a home and households’ expectations of home-price growth has reaccelerated after falling last year, a new Federal Reserve Bank of New York survey showed.
Amid elevated prices, high mortgage rates and difficulty saving money for a down payment, only about four in 10 renters think that they will be able to buy a home, the New York Fed said Monday. That’s the lowest level since the survey on consumers’ housing-related experiences and expectations was started a decade ago.
To continue reading the rest of the article, please click on the source link below:
WASHINGTON — Doctors on Thursday urged Congress to pass legislation addressing the disproportionately high rates of maternal mortality throughout the country and to lower barriers that have hindered people of color from becoming medical professionals.
During a hearing in the U.S. Senate’s Health, Education, Labor and Pensions Committee, a panel of five medical professionals detailed health disparities for communities of color, including higher rates of maternal mortality.
To continue reading the rest of the article, please click on the source link below:
LOS ANGELES (AP) — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what’s typically the housing market’s busiest stretch of the year.
The rate rose to 7.22% from 7.17% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%.
To continue reading the rest of the article, please click on the source link below:
Today’s 30-year fixed mortgage rate is 7.75% which is higher than last week’s 7.65%, according to data from Curinos. This is an increase from last month’s 7.37%. Last year around the same time, 30-year fixed rates were 5.95%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $715 each month for every $100,000 you borrow — up from about $708 last week.
Ready to buy? Compare the best mortgage lenders.
To continue reading the rest of the article, please click on the source link below:
WASHINGTON(Reuters) – U.S. construction spending unexpectedly fell in March likely as a resurgence in mortgage rates weighed on homebuilding, but activity remains supported by an acute housing shortage.
The Commerce Department’s Census Bureau said on Wednesday that construction spending slipped 0.2% after being unchanged in February. Economists polled by Reuters had forecast construction spending gaining 0.3%. Construction spending increased 9.6% year-on-year in March.
Spending on private construction projects decreased 0.5% in March after rising 0.2% in February.
Investment in residential construction dropped 0.7% after increasing 0.7% in the prior month. Outlays on new single-family construction projects fell 0.2%.
To continue reading the rest of the article, please click on the source link below:
WASHINGTON–The Federal Reserve held its key interest rate steady again Wednesday and gave no signal that it plans to lower it anytime soon following a resurgence of inflation early this year.
In a statement after a two-day meeting, the Fed pointedly said: “In recent months, there has been a lack of further progress toward the (Fed’s) 2 percent inflation objective.”
And it repeated its previous assertion that it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation (now running 3% to 4%) is moving sustainably toward” the Fed’s 2% goal.
The concerns about persistent inflation suggest the Fed likely won’t be prepared to cut rates for at least a few months, if not longer.
To continue reading the rest of the article, please click on the source link below:
According to data from Curinos, mortgage rates for a 30-year fixed-rate loan sit at 7.77%. This means they’ve risen from 7.65% last week. Last month, rates were at 7.37%, putting today’s rates significantly higher and up from 5.95% last year.
The 30-year fixed-rate average today is 1.36 percentage points below the 52-week high of 9.13% and 2.14 percentage points higher than the 52-week low of 5.63%.
At the current 30-year fixed rate, you’ll pay about $716 each month for every $100,000 you borrow — up from around $708 last week.
STRONGSVILLE, Ohio, April 30, 2024 /PRNewswire/ — Union Home Mortgage (UHM), a high-growth independent mortgage banking company with a world-class culture, announced today it has been recognized as one of America’s Greatest Workplaces for Diversity in 2024 by Newsweek and Plant-A Insights Group. The survey garnered over 220,000 respondents and included representation from over 1.5 million companies across the United States.
“I founded this company on the basis that culture was a truly differentiating factor,” said Bill Cosgrove, CEO of Union Home Mortgage. “Without things like mutual respect, inclusive environments, and empathy, it’s hard to be successful. We hire good people and empower every Partner here at UHM with the tools and resources they need to become their very best. I’m proud of that and am appreciative of the recognition that comes with awards like this one.”
To continue reading the rest of the article, please click on the source link below:
Today’s 30-year fixed mortgage rate is 7.68% which is slightly higher than last week’s 7.65%, according to data from Curinos. This is an increase from last month’s 7.27%. Last year around the same time, 30-year fixed rates were 5.95%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $710 each month for every $100,000 you borrow — the same as about $710 last week.
Down Payment Resource (DPR), the housing industry’s leading technology for connecting homebuyers with homebuyer assistance programs, today announced that it has joined The Mortgage Collaborative (TMC), the nation’s largest independent cooperative network serving the mortgage industry. As a member of TMC’s Preferred Partner Network, DPR will provide its software, which provides operational support for utilizing its database of more than 2,300 down payment assistance (DPA) programs, at a discounted rate to TMC members.
To continue reading the rest of the article, please click on the source link below:
According to a recent survey by national property broker Redfin, almost 58% of U.S. homeowners feel they probably couldn’t afford to repurchase their current homes at today’s prices and mortgage rates. This insight comes from a survey carried out in February 2024 by Qualtrics, involving approximately 3,000 U.S. residents.
The survey indicates that a significant majority of respondents, 59%, have owned their homes for over a decade, and an additional 21% for at least five years. During this period, these homeowners have witnessed a dramatic increase in local housing prices, with the median U.S. home-sale price doubling over the past decade and rising nearly 50% in the past five years alone.
To continue reading the rest of the article, please click on the source link below:
The average mortgage rate for 30-year fixed loans rose today to 7.70% from 7.65% last week, according to data from Curinos. This is up from last month’s 7.30% and up from a year ago when it was 5.95%.
At the current 30-year fixed rate, you’ll pay about $712 each month for every $100,000 you borrow — up from about $710 last week.
Ready to buy? Compare the best mortgage lenders.
To continue reading the rest of the article, please click on the source link below:
Home sales based on contract signings unexpectedly jumped in March despite elevated mortgage rates that month. And the latest data from Freddie Mac showed that mortgage rates edged higher this week, reaching a fresh five-month high.
Pending home sales — a forward-looking indicator based on contract signings rather than closings —climbed 3.4% in March, the National Association of Realtors reported Thursday, which was “the best performance in a year,” according to a release. That was well above the 0.3% decline forecast by economists, according to a FactSet poll. Contract signings rose across the country in March from the prior month, except in the Midwest.
To continue reading the rest of the article, please click on the source link below:
The U.S. economy continued to grow early this year, but at a sharply slower rate as strong consumer spending was offset by higher prices and pockets of weakness in other sectors.
Gross domestic product, adjusted for inflation, increased at a 1.6 percent annual rate in the first three months of 2024, down from 3.4 percent at the end of 2023, the Commerce Department said Thursday.
Taken on its own, the downshift in growth is not necessarily worrisome, particularly given that the Federal Reserve has been trying to cool off the economy. And the weaker first quarter numbers were driven in part by big shifts in business inventories and international trade, which often swing wildly from one quarter to the next. Measures of underlying growth were stronger.
To continue reading the rest of the article, please click on the source link below:
Today’s 30-year fixed mortgage rate is 7.65% which is slightly higher than last week’s 7.63%, according to data from Curinos. This is an increase from last month’s 7.29%. Last year around the same time, 30-year fixed rates were 5.92%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $708 each month for every $100,000 you borrow — up from about $710 last week.
According to data from Curinos, mortgage rates for a 30-year fixed-rate loan sit at 7.65%. This means they’ve risen slightly from 7.63% last week. Last month, rates were at 7.29%, putting today’s rates significantly higher and up from 5.92% last year.
The 30-year fixed-rate average today is 1.48 percentage points below the 52-week high of 9.13% and 2.02 percentage points higher than the 52-week low of 5.63%.
At the current 30-year fixed rate, you’ll pay about $708 each month for every $100,000 you borrow — up from around $714 last week.
Ready to buy? Compare the best mortgage lenders.
To continue reading the rest of the article, please click on the source link below:
As of April 19, 2024, the mortgage landscape in the United States has been marked by a period of fluctuation, with rates experiencing a slight increase. Here’s an analysis of current averages and expert predictions for the next two years. The average rate for a conventional 30-year fixed mortgage was reported at 7.22%, while the 15-year fixed mortgage stood at 6.657%. These figures represent a snapshot of the current state of the mortgage market, which is influenced by a myriad of economic factors, including inflation, Federal Reserve policies, and the global financial climate.
To continue reading the rest of the article, please click on the source link below:
Finding an affordable place to live in the U.S. can feel pretty impossible whether you’re a renter or a buyer.
To begin with, there’s a massive shortage of homes — somewhere between 4 and 7 million. And those who are able to find homes are spending a much bigger chunk of their paycheck than in recent years.
Natalie French was renting an apartment with a roommate in Albuquerque, New Mexico, when they received a notice that their rent was going up by more than 200 dollars a month. With the added pet fees, they were put out of their price range.
To continue reading the rest of the article, please click on the source link below:
NEW YORK — Sales of newly built single-family homes in the United States soared in March despite mortgage rates remaining elevated that month.
New home sales, which make up about 10% of the market, jumped 8.8% last month to a seasonally adjusted annual rate of 693,000, according to government figures released Tuesday. That trounced the 670,000 rate projected by economists, according to a FactSet poll, and was the strongest monthly increase since December 2022.
To continue reading the rest of the article, please click on the source link below:
Recent Comments