Mortgage rates reversed course last week, jumping 10 bps in one week to their highest point of the year so far.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.81%, up from 6.71% the week prior.
A year ago at this time, the 30-year FRM averaged 5.30%.
The 15-year fixed-rate mortgage shot up as well, from 6.06% to 6.24%. A year ago, it averaged 4.45%.
“This upward trend is being driven by a resilient economy, persistent inflation, and a more hawkish tone from the Federal Reserve. These high rates combined with low inventory continue to price many potential homebuyers out of the market,” said Sam Khater, Freddie Mac’s Chief Economist.
Minutes from the most recent FOMC…
Mortgage rates fell again, the third consecutive week of declines, but once again gave only an inch.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.67%, down from 6.69% the week prior.
A year ago at this time, the 30-year FRM averaged 5.81%.
The 15-year fixed-rate mortgage slipped as well, down from 6.10% to 6.03%. A year ago, it averaged 4.92%.
“Mortgage rates slid down again this week but remain elevated compared to this time last year,” said Sam Khater, Freddie Mac’s Chief Economist.
“Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a…
Mortgage rates ticked down again, the second consecutive week of declines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.69%, down from 6.71% the week prior.
A year ago at this time, the 30-year FRM averaged 5.78%.
The 15-year fixed-rate mortgage increased, however, up from 6.07% to 6.10%. A year ago, it averaged 4.81%.
“Mortgage rates decreased slightly this week in anticipation of the pause in rate hikes by the Federal Reserve,” said Sam Khater, Freddie Mac’s Chief Economist.
The pause did come: after ten consecutive increases, the Fed declined to raise interest rates at its June meeting.
“We have been seeing the effects of our policy tightening on demand in the most interest-rate-sensitive sectors of…
Mortgage rates declined last week, breaking a three-week streak of increases.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.71%, down from 6.79% the week prior.
A year ago at this time, the 30-year FRM averaged 5.23%.
The 15-year fixed-rate mortgage also fell from 6.18% to 6.07%. A year ago, it averaged 4.38%.
“Mortgage rates decreased after a three-week climb,” said Sam Khater, Freddie Mac’s Chief Economist. “While elevated rates and other affordability challenges remain, inventory continues to be the biggest obstacle for prospective homebuyers.”
Elevated rates are keeping prospective home sellers locked in their current homes, unwilling to give up the super-low rates they scored during the pandemic housing boom. Builders are building, but not…
Mortgage rates increased again last week due to a heap of political and financial news.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.57%, up from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.10%.
The 15-year fixed-rate mortgage rose from 5.75% to 5.97%. A year ago, it averaged 4.31%.
Daily average rates even exceeded 7% on May 25, hitting their highest level since November.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s Chief Economist.
At the current rate, 6.57%, Redfin reported that the typical buyer’s monthly mortgage payment amounts to $2,614, a…
After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.35% the week prior.
A year ago at this time, the 30-year FRM averaged 5.25%.
The 15-year fixed-rate mortgage remained unchanged at 5.75%. A year ago, it averaged 4.43%.
“The 30-year fixed-rate mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months.…
Mortgage rates dipped again last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, down from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.30%.
The 15-year fixed-rate mortgage decreased as well, to 5.75% from 5.76%. A year ago, it averaged 4.48%.
“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater noted that moderating inflation has weakened mortgage rate growth.
Both the consumer price and producer price indices, released this week, showed better-than-expected results. The CPI’s shelter cost component rose…
The Federal Housing Finance Agency has rescinded a rule changing upfront fees based on borrowers’ debt-to-income ratios.
If it had gone through, the policy would have created an adjustment for DTIs higher than 40% that Fannie Mae and Freddie Mac would acquire.
Back in March, the agency delayed the implementation of these fees to talk it through with industry leaders, who largely opposed the move.
One major concern was that small lenders would be hindered by compliance: disclosure laws require lenders to alert borrowers of pricing throughout the application process, but a borrower’s income and expenses can change dramatically throughout the loan procedure, requiring an unmanageable compliance burden.
The Community Home Lenders Association argued against the adjustment at the time,…
By CHUCK GREEN
Industry leaders and economists are sharing their opinions about changes to fees for loans backed by Fannie Mae and Freddie Mac after reports that homebuyers with good credit scores and substantial down payments will pay more so fees for borrowers limited by income or wealth can be reduced.
The changes to the loan-level price adjustment matrix by officials at the Federal Housing Finance Agency went into effect on May 1 and are the target of two bills in Congress.
Rep. Stephanie Bice of Oklahoma, vice chairwoman of the Republican Main Street Caucus, introduced the Free Market Mortgage Act. She said the changes will force homebuyers with good credit to pay more for their mortgages to subsidize loans…
By KIMBERLEY HAAS
The new vice president of public policy at Rocket Central says his goal is to increase opportunities for people who have historically had difficulties achieving home ownership because of a host of barriers.
Karan Kaul, a housing finance veteran who worked as a principal research associate in the Housing Finance Policy Center at the Urban Institute prior to joining Rocket, said that means focusing on first-time homebuyers, people of color, and low- to moderate-income borrowers.
In a recent interview with The Mortgage Note, Kaul said a well-documented hurdle to homeownership is a lack of an adequate down payment, especially with the increase in home prices over the last decade.
“So what can we do to make sure…
