The Federal Reserve decided to again leave it target interest rate unchanged today, citing the volatility in the global markets as its motive for inaction.
“To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate,” the Federal Open Market Committee wrote in its statement . The federal funds rate has been unchanged since December 2008, during Read more [...]
Mortgage bankers believe that 2016 will be a booming year for home sales even as they also predict mortgage interest rates will rise by the end of 2015, according to a new survey from Lenders One.
During a survey conducted at the Lenders One Summer Conference in August, 89 percent of mortgage bankers said they think interest rates will jump before the end of the year while 60 percent forecasted that 2016 will still be a sellers’ housing market.
“Mortgage bankers are generally optimistic Read more [...]
The U.S. housing market has seen a major decline in the percentage of buyers paying for homes with cash over the past several years, according to the National Association of Realtors, a sign that investors are being replaced by traditional homebuyers. The net effect should be a stabilizing of the market with more gradual price increases over the long term.
The NAR found that 23 percent of all existing-home sales in July were all-cash sales. And while that figure is up slightly from June’s 22 Read more [...]
As the Chinese government continued to devalue its currency and create major financial waves, long-term U.S. mortgage interest rates tumbled to their lowest level in two months, according to mortgage finance company Freddie Mac.
During the week ended August 27, 2015, the average rate on a 30-year fixed rate mortgage (FRM) sank to 3.84 percent, excluding fees, down from 3.93 percent the previous week and down from 4.10 percent the year before.
"Events in China generated eye-catching volatility Read more [...]
Even as total U.S. existing-home sales rose for third straight month, fewer first-time home buyers were able to jump into the market, according to the latest report from the National Association of Realtors.
Existing-home sales increased 2.0 percent in July to a seasonally adjusted annual rate of 5.59 million, up from a downwardly revised 5.48 million in June. Compared with last year, sales are up 10.3 percent and are now at an eight-and-a-half year high. Sales have risen on a year-over-year Read more [...]
After falling for a whole month, long-term mortgage interest rates showed some growth again in the latest week, according to data from mortgage backer Freddie Mac.
The average rate on a 30-year conventional fixed rate mortgage rose to 3.94 percent, excluding fees, during the week ended August 13, 2015, up from 3.91 percent the week before. One year earlier the average rate was higher still at 4.12 percent.
The rise in rates was a product of on-target jobs reports, according to Freddie Mac chief Read more [...]
Fewer homeowners in the foreclosure process in the 2015 second quarter were seriously underwater – when the remaining mortgage is more than 25 percent higher than the value of the property – according to housing data firm RealtyTrac. The increase in equity for many troubled homeowners may help save some from losing their homes.
During the second quarter of this year, there were 7,44,580 seriously underwater U.S. properties, representing 13.3 percent of all homes with a mortgage. That number Read more [...]
After a two-month rest above 4 percent, long-term mortgage rates have dipped back into more familiar territory this week, according to mortgage backer Freddie Mac, being pulled down by overseas stock troubles.
The average rate on a 30-year fixed rate conventional mortgage declined to 3.98 percent, excluding fees during the week ended July 30, 2015, down from 4.04 percent the week before. The 30-year rate is also down from one year earlier when it averaged 4.12 percent.
"Monday's 8 percent decline Read more [...]
The number of new mortgage foreclosures fell to a decade-long low during the first half of 2015, according to a new report from foreclosure data firm RealtyTrac.
In its Midyear 2015 U.S. Foreclosure Market Report, RealtyTrac reported that there were 304,439 properties that entered the foreclosure process during the first six months of this year, a 4 percent decrease from the previous year and the lowest number on record in the survey’s almost 10-year history. Compared with the first half of Read more [...]
Confidence in Greece’s EU debt deal and promises from the Federal Reserve Chairwoman to raise rate this year led investors to ease off of Treasury bonds, pushing mortgage interest rates to yearly highs, according to mortgage guarantor Freddie Mac Thursday.
The average rate on a 30-year fixed rate conventional mortgage jumped to 4.09 percent, excluding fees, in the latest week, from 4.04 percent the previous week and the highest level of 2015 to date. The rate is still slightly below last year Read more [...]