Mortgage rates improved for the second straight week according to new Freddie Mac data, showing a continued lean toward a more affordable market in the fast approaching 2026. The latest Primary Mortgage Market Survey® found that the 30-year fixed rate mortgage (FRM) averaged 6.19%, down from last week when it averaged 6.23%. A year ago…
At the next Federal Open Market Committee (FOMC) meeting Dec. 9-10, the final one of 2025, the voting committee will decide whether to adjust interest rates—with one voting member, Federal Reserve Governor Christopher Waller, already making his voting intentions clear. In a Monday, Nov. 17 appearance at the Society of Professional Economists held at Oxford…
Mortgage rates saw little movement this week, reflecting a overall market pause related to the government shutdown these past weeks and related uncertainty, economists say. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) moved up 2 basis points this week to 6.24% from…
Since taking office on the Federal Reserve Board of Governors in September, Stephen Miran has pushed for a looser monetary policy. At both the September and October Federal Open Market Committee (FOMC) meetings, Miran dissented from the majority vote to cut interest rates by a quarter point, in favor of a higher cut by half…
Following Fed Chair Jerome Powell’s comments last week that a December rate cut is not a guarantee, economists said mortgage rates moving higher was an expected market response but also one that favors an improving climate for home affordability. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
Mortgage rate watchers point out that so far this year rates have fallen 87 basis points from their mid-January peak, a welcome event for homebuyers that have been waiting on the sidelines and homeowners who have been considering refinancing. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
Above, Fed Chair Jerome Powell The Federal Reserve has announced its second interest rate cut of the year—the second in a row—in the midst of a government shutdown. The Federal Open Market Committee (FOMC) announced at its October meeting today that it has cut interest rates by a quarter-percentage point. This follows a 25-basis-point cut…
Uncertainty is in the air as the government shutdown persists, with many on edge waiting for the Federal Reserve’s next meeting and a potential interest rate cut. Despite the delay of most government data releases that help the Fed determine rate cut decisions, the latest Consumer Price Index—an inflation gauge from the Bureau of Labor…
With mortgage rates continuing to decline–to their lowest point in over a year this week–refinance activity enters its sixth week at a high pace. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another eight basis points this week to 6.19% from last…
The latest report from the National Association of Realtors® (NAR) on existing-home sales today revealed a 1.5% month-over-month increase in September, and a 4.1% year-over-year increase in sales–key factors that could signal growing buyer confidence and demand as mortgage rates ease. “As anticipated, falling mortgage rates are lifting home sales,” said NAR Chief Economist Lawrence…
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