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…
By PATRICK LAVERY
Speculation about what actions leaders at the Federal Reserve will take at their meeting starting Tuesday has been building for weeks, and opinions over the right course of action are varied.
Should they stay the course, steadily raising interest rates to try to continue to curb inflation? Should they be more aggressive? Or should they pull back, letting the United States slide into a recession?
These questions have been swirling for months but the sudden collapse of Silicon Valley Bank and New York-based Signature Bank changed the dynamics of the conversations seemingly overnight.
Nadia Evangelou, senior economist and director of real estate research for the National Association of Realtors, said prior to the bank collapses, she could…
By KIMBERLEY HAAS With the average mortgage rate hitting over 7% for the first time in 20 years, people are talking about what the 2023 housing market will look like. Freddie Mac reported Thursday that their Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaged 7.08%, up from 6.94% the week prior. A year ago at this time, the 30-year FRM averaged 3.14%, and in 2021, existing-home sales hit 6.12 million, their highest level since 2006. Zillow’s Home Value and Sales Forecast now calls for 5.2 million existing home sales in 2022, up slightly from September’s expectations for 5.1 million sales following a better-than-expected August. The outlook from there is cloudier and recent declines in mortgage applications and pending home…
Dr. Skylar Olsen has returned to Zillow as Chief Economist, the company announced. “I’m honored to return to Zillow as chief economist and help home buyers, sellers, and renters across the country better understand their options and how to best navigate what has become an increasingly trying housing market,” Dr. Olsen said. “I truly revel in the opportunity to provide the tools and information to help people make some of the biggest, most impactful decisions of their lives.” Dr. Olsen worked at Zillow from 2012 to 2020, with her most recent position being Senior Principal Economist. She lefts two years ago to found her consultancy, Reimagine Economics, and to serve as head of economics at digital mortgage startup Tomo. She…
