Rates Shoot Up To 7.17%

Rates Shoot Up To 7.17%

Average mortgage rates increased again last week, worsening affordability and setting the market up for a slump as the spring buying season progresses. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.17%, jumping from the week prior’s 7.1%. A year ago at this time, the 30-year FRM averaged 6.43%. The 15-year…

Rates Top 7% For The First Time In 2024
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Rates Top 7% For The First Time In 2024

Average mortgage rates surpassed 7% for the first time in 2024 last week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.1%, jumping from the week prior’s 6.88%. A year ago at this time, the 30-year FRM averaged 6.39%. The daily rate shot up to 7.5% in the middle of this…

Rates March Toward 7% On Sticky Inflation Data

Rates March Toward 7% On Sticky Inflation Data

Mortgage rates are marching towards 7% again as inflationary pressures threaten their stability. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, up from the week prior’s 6.82%. A year ago at this time, the 30-year FRM averaged 6.27%. The 15-year fixed rate increased from 6.06% to 6.16%. A year ago,…

Mortgage Rates Move Up Just Barely

Mortgage Rates Move Up Just Barely

Mortgage rates were basically stagnant last week, staying put in the upper-6% range yet again. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.82%, up just slightly from the week prior’s 6.79%. A year ago at this time, the 30-year FRM averaged 6.28%. The 15-year fixed rate also fell from 6.11%…

Rates Move Down Slightly

Rates Move Down Slightly

Mortgage rates fell last week but remained in the high-6% range. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.79%, down from the week prior’s 6.87%. A year ago at this time, the 30-year FRM averaged 6.32%. The 15-year fixed rate also dropped from 6.21% to 6.11%. A year ago, it…

Former Fannie Mae Exec Named CEO Of Meridian Capital

Former Fannie Mae Exec Named CEO Of Meridian Capital

Commercial real estate juggernaut Meridian Capital Group named former regulator Brian Brooks as its Chairman and CEO. Brooks takes the reigns from co-founder Ralph Herzka, who will remain with the company as Senior Chairman. The change-over will take place in April. Herzka helped found Meridian in 1991 and steered it to the forefront of commercial…

Rates Back Up To Near 7%

Rates Back Up To Near 7%

Rates took a turn for the worse last week, rising back to nearly 7%, as economic data soured analysts’ moods on easing rates. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.87%, up from the week prior’s 6.74%. A year ago at this time, the 30-year FRM averaged 6.42%. This breaks…

Rates Cool Down, Increasing Demand

Rates Cool Down, Increasing Demand

Mortgage rates broke a month-long upward streak, deflating for the first time in weeks and resulting in a purchase demand boost. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, down from the week prior’s 6.94%. A year ago at this time, the 30-year FRM averaged 6.73%. This is the first…

First-Time Buyers Took Out Record Number Of GSE Loans In 2023

First-Time Buyers Took Out Record Number Of GSE Loans In 2023

First-time homebuyers accounted for a record number of GSE purchase loans in 2023, while originations sunk to new lows, according to ICE’s latest Mortgage Monitor. They made up 55% of agency purchases last year, the highest share ever recorded by ICE in the ten years it has been tracking this metric. “The market in which…

Rates Up For A Fourth Week, Skirting 7%

Rates Up For A Fourth Week, Skirting 7%

Mortgage rates inched up to a two-month high last week, putting pressure on hopeful spring homebuyers. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.94%, up from the week prior’s 6.90%. A year ago at this time, the 30-year FRM averaged 6.65%. This is the fourth consecutive week of increases. The…

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