Fed Makes First Rate Hike in 7 Years

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 [...]

Interest Rates Jump on Upbeat Jobs Report

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 [...]

Consumer Confidence in Housing Market Rose in October

American consumers are feeling more positive about the U.S. housing market, according to government-backed mortgage giant Fannie Mae, a sign that home sales and inventory may increase in coming months. The Fannie Mae October 2014 National Housing Survey  found that the number of people who believe it is a good time to sell a home rose to 44 percent, a new all-time high in the survey’s four year history. Consumers still think the housing market is more of a buyers’ market as 65 percent said Read more [...]

2014 May Be a Less Competitive Year for Homebuyers

Real estate investors, who have dominated segments of the housing market since the Great Recession began, may start to pull out this year, leaving the playing field a little more open for traditional home buyers, according to a new survey from housing data firm Zillow.com. In the Zillow Home Price Expectations Survey, 110 economists and real estate experts predicted that investors are likely to make fewer purchases in 2014 as a result of rising prices. "Buyers entering the market in the next Read more [...]

Long-term Rates Fall to Incredible New Lows

The average rate on a 30-year fixed rate U.S. mortgage fell to below three-and-a-half percent this week, for the first time in recorded history, according to mortgage finance company Freddie Mac, and they may continue to go even lower. During the week ended July 26, the 30-year conventional mortgage loan carried an average rate of 3.49 percent, excluding points, down from 3.53 percent the week before. That is also down more than a full percentage point from the same week in July 2011 when it was Read more [...]

Mortgage Rates Plunge To New Lows Once Again

As the U.S. economy continued to show weakness, interest rates on long-term mortgages plummeted to unheard-of lows last week, according to mortgage finance company Freddie Mac. The average rate on a 30-year fixed rate mortgage loan sank to 3.67 percent, excluding points during the week ended June 7, down from 3.75 percent the week before. This marks the six straight week of rate decreases and is also the lowest rate on record in the 40-plus year history of the Freddie Mac survey. By comparison, Read more [...]

Consumers Still Down About Home Prices

Most Americans believe home prices will continue to decline over the next year, according to a recent survey from mortgage finance company Fannie Mae, and consumers are more pessimistic on most financial issues today than they were a year ago. The September Fannie Mae survey found that respondents now think home prices will fall an average of 1.1 percent by this time next year. That's a much larger decline prediction than the 0.5 percent from August. "The September survey showed a marked deterioration Read more [...]

Mortgage Rates Remain Near Record Low

According to Freddie Mac, interest rates dipped slightly again this week, keeping rates near record lows. Rates for a 30 year fixed loan hover just above 4% at 4.10%, down from last week's 4.11%. Rates for a 15 year fixed loan remained the same as last week's coming in at 3.38%. Rates are near the lowest ever recorded with rates three weeks ago bottoming out at a mere 3.94% for a 30 year fixed mortgage. Even with the best rates we might see in our lifetime, consumer confidence is low. As a result Read more [...]

New Homes Sales Drop to Record Lows

Another monthly decline in new home sales has prompted a fresh round of worrying and despair over the U.S. housing market. Sales of new homes in August fell for the fourth straight month to 295,000 units, according to the Commerce Department, a six month low and a pace that threatens to be the "worst year since the government began keeping records a half century ago," from the Associated Press. Last month's 2.3 percent monthly sales drop was accompanied by a 9 percent decrease in the median Read more [...]

US Lenders Are Faced With High Mortgage Delinquency Rates

Delinquency mortgage rates have actually dropped for the last five quarters. While that might sound promising, many would argue that it really isn’t. Currently, there are more loans within the foreclosure process than at any other time since the mortgage crisis began. According to an article on the Wall Street Journal website US banks are facing high mortgage delinquency rates and in fact according to a new report by the office of the Comptroller of Currency their delinquency rates are higher Read more [...]