A shaky global economy is scaring investors into bonds, sending long-term mortgage interest rates to their lowest levels in three months, according to data from mortgage backer Freddie Mac.
The average rate on the 30-year fixed rate mortgage (FRM) fell for the fourth straight week, slipping to 3.79 percent, excluding fees in the week ended January 28, 2015, down from 3.81 percent the previous week but still up from 3.66 percent the year before. It is now the lowest it has been since the week of Read more [...]
Long-term mortgage interest rates moved back above 4 percent during the last week of 2015, according to data from mortgage guarantor Freddie Mac, a sign that markets are reacting to the recent Federal Reserve rate hike.
The average rate on a 30-year conventional, fixed-rate mortgage (FRM) jumped to 4.01percent, excluding fees, during the week ended December 31, 2015, up from 3.96 percent the previous week and up from the same time last year when it averaged 3.87 percent. It is now at its highest Read more [...]
The Federal Reserve decided the economy is doing well enough to finally raise its target interest rate after seven years, a move that will affect everything from savings to mortgage rates.
“Information received since the Federal Open Market Committee met in October suggests that economic activity has been expanding at a moderate pace,” the Fed said in its December 16 statement. “The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity Read more [...]
The healing U.S. mortgage market should be back to full health by the end of next year, according to a new forecast from credit data and reporting firm TransUnion.
The TransUnion 2016 forecast calls for the serious delinquency rate – mortgages past due by 60 days or more – will fall to 2.06 by the end of 2016, into the range of a “normal” market. The rate is expected to fall to 2.5 percent at the end of 2015, down from 3.29 percent in 2014. The delinquency rate peaked at 6.94 percent Read more [...]
Just two weeks before the Federal Open Market Committee’s interest rate meeting, Fed Chairwoman Janet Yellen has all but promised to raise rates from their rock-bottom lows of the past six years.
In testimony before Congress’ Joint Economic Committee Thursday, Yellen said there have been enough signs of economic stability to warrant increasing the Federal Funds rate from its range of 0 to 0.25 percent. The rate has been at that ground level since December 2008.
“The economy has come Read more [...]
Long-term U.S. mortgage interest rates shot up in the latest week again, in response to investor optimism in the wake of a positive jobs report, according to mortgage giant Freddie Mac Thursday.
During the week ended November 12, 2015, the average rate on a 30-year fixed rate mortgage (FRM) jumped to 3.98 percent, excluding fees, up from 3.87 percent last week. The new rate is a two-and-a-half week high, but it is still slightly lower than a year ago when the average rate hit 4.01 percent.
The Read more [...]
The Federal Reserve’s interest rate-deciding body, the Federal Open Market Committee, chose this week to leave its target rate at or near zero percent, but promised to rethink the issue at its December meeting.
The federal funds rate – the rate at which banks charge each other for overnight trades – was left alone in the range of zero to 0.25 percent for the next six weeks. It has been at that rock bottom position since September of 2008 when the Fed attempted to prop up the failing economy Read more [...]
Long-term mortgage interest rates moved up in the latest week, according to mortgage guarantor Freddie Mac, but with the Fed unsure of its own rate direction for 2015 there may be fewer mortgage rate increases through the end of the year.
The average rate on a 30-year fixed rate mortgage (FRM) rose to 3.82 percent, excluding fees, during the week ended October 15, 2015, up from 3.76 percent the week before. The new rate is down compared with the previous year when it averaged 3.97 percent.
The Read more [...]
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 [...]
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 [...]