The 30-year FRM increased once again last week, blocking even more homebuyers from entering the market.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.43%, up from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.11%.
The 15-year fixed-rate mortgage fell, however, down to 5.71% from 5.76%. A year ago, it averaged 4.40%.
“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” said Sam Khater, Freddie Mac’s Chief Economist.
“Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the…
By KIMBERLEY HAAS
As the housing market moderates after a whirlwind pandemic ride, affordability continues to be a chief concern for consumers and mortgage providers are responding with a variety of programs to encourage potential buyers to get off the sidelines.
Leaders at Rocket Mortgage say that a major hurdle on the path to homeownership for their clients is saving for closing costs and earlier this month they announced a national program where buyers can receive help through BUY+, a collaboration with Rocket Homes.
Buyers can receive a credit of 1.5% of their loan amount – up to $10,000 off their closing costs – by working with a Rocket Homes Partner Agent. Those working with an unaffiliated real estate professional…
By KIMBERLEY HAAS
Changes to fees for loans backed by Fannie Mae and Freddie Mac are under scrutiny after recent reports that homebuyers with good credit scores and substantial down payments will pay more starting May 1.
Last week, The Washington Times published an article with the headline “Biden to hike payments for good-credit homebuyers to subsidize high-risk mortgages.” Author Dave Boyer, a White House correspondent, wrote that although the changes are part of the Federal Housing Finance Agency’s push to make housing more affordable, they will negatively impact traditional borrowers.
“Mortgage industry specialists say homebuyers with credit scores of 680 or higher will pay, for example, about $40 per month more on a home loan of $400,000. Homebuyers who…
Mortgage rates jumped last week, breaking a five-week streak of declines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.27% the week prior.
A year ago at this time, the 30-year FRM averaged 5.11%.
The 15-year fixed-rate mortgage also rose, up to 5.76% from 5.54%. A year ago, it averaged 4.38%.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s Chief Economist.“Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only…
Mortgage rates ticked down again, the fifth straight week of declines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.27%, down from 6.28% the week prior.
A year ago at this time, the 30-year FRM averaged 5%.
The 15-year fixed-rate mortgage fell from 5.64% to 5.54%. A year ago, it averaged 4.17%.
“Incoming data suggest inflation remains well above the desired level but showing signs of deceleration,” said Sam Khater, Freddie Mac’s Chief Economist. “These trends, coupled with tight labor markets, are creating increased optimism among prospective homebuyers as the housing market hits its peak in the spring and summer.”
First-time buyers particularly are feeling prepared to enter the market.
More than half of respondents to…
By PATRICK LAVERY
A new book providing insider insight into how millions of Americans were provided mortgage and rental assistance in response to the COVID-19 pandemic has been released.
“Shelter from the Storm: How a COVID Mortgage Meltdown Was Averted” is by Cato Institute Senior Advisor Mark Calabria who was, at the outset of the pandemic, the director of the Federal Housing Finance Agency, overseeing Fannie Mae, Freddie Mac, and Federal Home Loan Banks.
Calabria’s new policy memoir, promoted as “a story about how you can directly help Main Street without bailing out Wall Street,” not only takes a look at the issues that surfaced in 2020 and beyond but also how the mistakes of the 2008 financial crisis –…
The average mortgage rate declined for another week, giving buyers planning to finance a home this spring a little more bang for their buck.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.28%, down from 6.32% the week prior.
A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year fixed-rate mortgage increased, however, from 5.56% to 5.64%. A year ago, it averaged 3.91%.
“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.
Retreating rates aren’t enough to bring buyers priced out of the market back.
Mortgage application volume, which had ticked up when rates first began declining, is dropping again as buyers contend…
The average mortgage rate ticked down again this week, but waning banking sector concerns have rates seesawing.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.32%, down from 6.42% the week prior.
A year ago at this time, the 30-year FRM averaged 4.67%.
The 15-year fixed-rate mortgage dipped from 5.68% to 5.56%. A year ago, it averaged 3.83%.
“Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s Chief Economist.
“Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”
Some buyers returned to the market early in order to snag a…
Homebuyers lucked out again this week as rates continued sliding, falling by nearly twenty basis points.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.42%, down from 6.60% the week prior.
A year ago at this time, the 30-year FRM averaged 4.42%.
The 15-year fixed-rate mortgage dipped from 5.90% to 5.68%. A year ago, it averaged 3.63%.
“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a…
Prospective homebuyers may be benefiting from the luck of the Irish this week as mortgage rates fall.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.60%, down from 6.73% the week prior.
A year ago at this time, the 30-year FRM averaged 4.16%.
The 15-year fixed-rate mortgage dipped from 5.95% to 5.90%. A year ago, it averaged 3.39%.
“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping…
