The average 30-year-fixed mortgage rate dropped to its lowest level in seven weeks, but is still hovering in the mid-6% range, indicating to economists that buyers–mainly in the higher-income bracket–are coming to terms with this rate environment as the new normal. The average 30-year fixed mortgage rate decreased 6 basis points to 6.43% from 6.49%…
As pending sales and existing home sales showed modest improvement in May, economists say despite mortgage rates remaining around 6.5%, homebuyers seem to be adapting to the current environment. The average 30-year fixed mortgage rate increased 2 basis points to 6.49% from 6.47% last week, according to the latest Primary Mortgage Market Survey® (PMMS®), released…
Mortgage rates lowered this week following a ceasefire agreement with Iran, a trend economists say may be more promising in light of a signed agreement by President Trump. The average 30-year fixed mortgage rate decreased to 6.47% from 6.52% last week, according to the latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday.…
Following a slight average mortgage rate increase this week, economists are pointing to a slow summer housing market ahead and even a possible interest rate increase, but recent housing reports show the market continues to hold steady. The average 30-year fixed mortgage rate increased to 6.52% from 6.48% last week, according to the latest Primary…
Rising energy costs due to the Iran war continue to put serious upward pressure on inflation, according to the latest data from the Bureau of Labor Statistics. The Consumer Price Index (CPI) grew 0.5% in May, with annual inflation clocking in at 4.2%. Specifically, this is the “highest headline CPI reading in three years,” as…
Mortgage rates saw some slight improvement this week, falling 5 basis points after three weeks of increases, but it seems the housing market can’t catch a break as economists note that inventory challenges have returned in many areas. The average 30-year fixed mortgage rate decreased to 6.48% from 6.53% last week, according to the latest…
While mortgage rates continue to tick up amid continued economic uncertainty, economists note the spring market is proving more resilient than expected, mainly due to rates remaining much lower than a year ago at this time. The average mortgage rate increased 2 basis points to 6.53%, up from 6.51% last week, according to the latest…
The post Mortgage Rates Continue Ticking Up appeared first on RISMedia.
The ongoing conflict between the United States and Iran has caused inflation to increase; energy prices most recently boosted annual inflation to a three-year high of 3.5%. If inflation continues to rise, then the Federal Reserve board expects they will have to hike interest rates as an offset, based on revelations in the latest meeting…
Mortgage rates ticked down slightly this week despite inflation concerns rising after this week’s CPI report. The average mortgage rate decreased 1 basis point to 6.36% down from 6.37% last week, according to the latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday. Bright MLS Chief Economist Lisa Sturtevant said mortgage rates may…
Jerome Powell’s tenure as chair of the Federal Reserve concludes on May 15, bringing the eight years he has spent in the role to a close. Since the second Trump administration commenced, Powell (who was appointed to the Fed by Trump in 2018) has come under criticism from the President for, in Trump’s view, a…
The post Trump’s Nominee to Lead Federal Reserve Confirmed by U.S. Senate appeared first on RISMedia.
| Older Posts |