Thursday, February 6

Tag: Mortgage Rates

Mortgage rates unlikely to dip this year, experts say
20Sep By adminNo Comments
Money

Mortgage rates unlikely to dip this year, experts say

The highest mortgage rates in more than two decades have many Americans wondering when borrowing costs could recede. For now, the answer is murky, although some analysts think that rates on home loans have likely peaked.The path for mortgages depends as ever on the Federal Reserve's plans for its benchmark short-term lending rate. And on that score there is more certainty: Wall Street investors overwhelmingly expect policy makers to leave rates unchanged when they release their latest readout on the state of the economy on Wednesday. The rate on a 30-year fixed-rate mortgage is 7.18%  6.51% for a 15-year loan, according to Freddie Mac data. Those rates, along with higher home prices, have made it more challenging for the average American to purchase a house.  ...
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Mortgage rates surge to highest level since 2000
23Aug By adminNo Comments
Money

Mortgage rates surge to highest level since 2000

House-hunters may be in for sticker shock when it's time get a home loan: The interest rate on a typical mortgage is now at its highest level since 2000.The Mortgage Bankers Association (MBA) said Wednesday that the average rate on a conventional 30-year fixed-rate mortgage jumped to 7.31% last week, up from 7.16% the previous week. Rates slid to well below 3% in 2020 as the housing market ground to a halt because of the pandemic, but began rising sharply the following year as the Federal Reserve launched its ongoing campaign to quash inflation.The spike in borrowing costs has driven many aspiring homebuyers out of the market: Mortgage applications are at a 28-year-low, according to the MBA. "Higher interest rates are continuing to impact homebuyers as ...
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Mortgage rates continue to climb — and could reach 8% soon
20Aug By adminNo Comments
Money

Mortgage rates continue to climb — and could reach 8% soon

US mortgage rates surged to highest level in 21 years US mortgage rates surged to highest level in 21 years 02:27 Even though mortgage rates have already reached their highest point in 20-plus years, there's a chance they could climb even higher — even as high as 8%. It all depends on how the Federal Reserve decides to tackle stubborn inflation in the next few months, economists told CBS MoneyWatch.Fed officials said they believe high inflation is still enough of a threat to the U.S. econom...
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Mortgage rates just hit 7.09%, the highest since 2002. Will they ever come down?
10Aug By adminNo Comments
Money

Mortgage rates just hit 7.09%, the highest since 2002. Will they ever come down?

The thirty-year mortgage rate hit 7.09% in early August, according to new data from the Mortgage Bankers Association. That's the highest level since 2002, based on historic data from Freddie Mac, and rates aren't expected to drop anytime soon, making it a difficult time to be a homebuyer.A couple of factors are at play in the rising rates revealed in the MBA's report Thursday. For one, an aggressive series of interest rate hikes by the Fed have made mortgages, auto loans, credit cards and business borrowing more expensive. The central bank recently raised its target federal funds rate to between 5.25% and 5.5%, once again putting upward pressure on mortgage rates.  "[Mortgage rates] are about twice as high as they were during the pandemic. So owing to t...
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Fed raises benchmark interest rate to 22-year high
27Jul By adminNo Comments
Money

Fed raises benchmark interest rate to 22-year high

Fed raises benchmark interest rate to 22-year high - CBS News Watch CBS News In its ongoing effort to tamp down inflation, the Federal Reserve on Wednesday raised its key interest rate a quarter-point to 5.5%, the highest level it has been in 22 years. Carter Evans examines the impact of the Fed's rate hikes. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On
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Renting a home may be more financially prudent than buying one, experts say
14Jul By adminNo Comments
Money

Renting a home may be more financially prudent than buying one, experts say

San Jose, California — Matthew Richmond makes a good living running a successful pest control company in Northern California's Silicon Valley."I'm living the American dream," the 32-year-old told CBS News. Richmond can afford to pursue his passion for adventure. If he wants to buy a motorcycle or dirt bike, "I can go write the check and buy it," he said.  However, what he has not purchased is a home, even though he says he could afford one. "Somehow, we've been led to believe that you have to own a home in order to be living the American dream," said Ramit Sethi, host of the Netflix series "How to Get Rich." "And that's just not true. For a lot of people, renting can actually be a better financial decision." A study released last month fr...
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