“It seems increasingly likely that mortgage rates are not going to come down anytime soon,” Bright MLS chief economist Lisa Sturtevant said.
The average rate on the popular 30-year fixed mortgage crossed over 7% on April 1, according to Mortgage News Daily, and it just kept going. It now sits right around 7.5%, the highest level since mid-November of last year. Rates hit their highest level in a few decades last October, causing home sales to grind to a halt. Builders jumped to buy down rates for their customers and managed to do better than existing home sellers. Rates then fell through mid-January to the mid-6% range and held there...
The average rate on the popular 30-year fixed mortgage sits around 7.5%, the highest level since mid-November of last year, according to Mortgage News Daily.
The number of mortgage applications, including refinancings and additions, increased by 16 percent in the first quarter of 2024 compared to the same quarter last year. Applications for the purchase of a home increased by 19 percent, De Hypotheker reported on Wednesday. Half of these applications were from young home buyers under the age of 35.
Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates. Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly...
Canada’s Liberal government has decided that the easiest way to make housing more affordable for Canadians is to extend permitted
Nearly all crime, including violent and property offenses, was down ‘a considerable amount’ in 2023 compared with 2022Homicides in major US cities are falling at likely “one of the fastest rates of decline ever recorded”, a crime analysis has found.Jeff Asher of AH Datalytics, a New Orleans-based data-analytics company focused on criminal justice, education and the non-profit sector, discussed that finding with the Wall Street Journal on Monday after combing through quarterly data recently...
London markets have been spooked by worse-than-expected economic data across the pond that has raised uncertainty over when central banks will start lowering interest rates. So what does this mean for mortgages?
Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate […]
TORONTO - Some advocates are praising Ottawa's move to lengthen the amortization period on insured mortgages for certain homebuyers, but say expanding the policy to all Canadians would help make home ownership more affordable. Speaking in Toronto on Thursday, Finance Minister Chrystia Freeland announced the federal government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. The change will take effect Aug. 1. Under the...
LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A […]
Four Iranian nationals allegedly conducted cyber campaigns against the U.S. State Department, Treasury, 12 Department of Defense contractors, and two businesses in New York. The post 4 Iranians indicted for alleged malicious multi-year cyber campaign targeting US government and defense firms first appeared on WFIN Local News.