Burbank — Inflation, soaring mortgage rates and record high prices are making it difficult for many Americans to buy a home. But there could be some relief in sight, as skyrocketing rates have helped cool some of the nation's hottest housing markets.According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage now sits at 6.92%, the highest it has been since 2002, and more than double what it was just a year ago. Ho
Mortgage rates, now at a 20-year high, combined with inflation and stock market volatility are causing housing markets to soften quickly. The next several months will be a critical test for the economy, experts say.© photoschmidt - iStock/Getty Images PlusConsumers are facing economic pressure from every angle—rising mortgage rates, stubbornly high inflation, a battered stock market—and the financial environment keeps getting worse for aspir
The average interest rate on the most popular U.S. home loan rose to its highest level since 2006 as the housing sector continued to bear the brunt of tightening financial conditions, data from the Mortgage Bankers Association (MBA) showed on Wednesday.Mortgage rates have more than doubled since the beginning of the year as the Federal Reserve pursues an aggressive path of interest rate hikes to bring down stubbornly high inflation.Those actions,
Rising interest rates crushing demand for housing, developer financed projects, but infrastructure, power, and manufacturing could soon gain steam, association officials say Total construction spending declined by 0.7% in August as spending on new houses turned sharply lower, while public and private nonresidential construction posted mixed results, according to a recent analysis of federal spending data by the Associated General Contractors
Home buyers have lost about $107,000 in buying power since the beginning of the year—and that’s what’s truly scary.Despite a slight decrease this week in mortgage rates, the average for the 30-year fixed-rate loan remains more than double what it was a year ago, adding hundreds of dollars per month to financing costs for home buyers. This is prompting more buyers to retreat from the market: Mortgage applications to purchase a home are down
Buyers would be smart to shop around: The large dispersion in rate offerings among lenders could amount to several hundreds of dollars, Freddie Mac says. Home buyers who waited to buy a home this month compared to last month may have some regrets. Home buying is 12% more expensive than just a month ago. Fast-rising mortgage rates—up one percentage point in September alone—have added an extra $250 more onto monthly mortgage payments over the p
Pending home sales are posting annual losses in the double-digits as home buyers continue to back away from the market due to surging mortgage rates. House hunters are backing away from the housing market as mortgage rates continue to rise sharply. The National Association of REALTORS®’ newly released Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—fell 2% in August compared to July and is down
The monthly mortgage payment on a $400,000 loan is about $2,470 compared to $1,660 a year ago, according to NAR.After the Federal Reserve raised its key short-term benchmark rate by another three-quarters of a percentage point on Wednesday, the average for the 30-year fixed-rate mortgage climbed to its highest level in 14 years, remaining above 6% and hitting more home buyers’ pocketbooks. It’s the fifth time this year the Fed has taken aggre
As interest rates shoot up, some buyers are turning to a different — and slightly more risky type — of mortgage.Adjustable-rate mortgages, known as ARMs, have seen an uptick in popularity recently as home shoppers, eager to avoid soaring interest rates amid a torrid housing market, are turning to these loans in order to nab a cheaper rate.“People are looking at ways to bring down their housing costs and their mortgage payments and with
Fear of next interest rate hike helped to boost demand for mortgages, refinancing People interested in buying a house and getting a mortgage played a version of beat the clock ahead of the anticipated interest rate increase coming from the Federal Reserve on Wednesday afternoon.The Fed is expected to sharply raise its key short-term rate – a third straight three-quarter-point hike is likely to be announced – as its previous rate hikes are bei
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