Updated 8:45 am PST, Thursday, December 13, 2018 FILE- In this Nov. 28, 2018, file photo a realtor sign hangs in front of a home for sale in Pittsburgh. On Thursday, Dec. 13, Freddie Mac reports on this week’s average U.S. mortgage rates. FILE- In this Nov. 28, 2018, file photo a realtor sign hangs in front of a home for sale in Pittsburgh. On Thursday, Dec. 13, Freddie Mac reports on this week’s average U.S. mortgage rates. Photo: Keith Srakocic, AP Photo: Keith Srakocic, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE- In this Nov. 28, 2018, file photo a realtor sign hangs in front of a home for sale in Pittsburgh. On Thursday, Dec. 13, Freddie Mac reports on this week’s average U.S. mortgage rates. FILE- In this Nov. 28, 2018, file photo a realtor sign … [Read more...] about US mortgage rates fall to 3-month low; 30-year at 4.63 pct.
Low 30 year fixed mortgage rates
Susan Tompor Detroit Free Press Published 8:35 AM EDT Oct 26, 2018 Remember that too-hot-to-handle housing market in metro Detroit? The one where a nice, well-priced home in Ferndale could get three offers on the table in one day? Well, we're starting to see listing prices on some homes inch down enough to indicate that we're settling into a housing slowdown. More likely than not, experts say, this isn't a temporary blip but a clear indicator that the days of name-your-price bidding wars are likely to be fading fast. "You'll probably even get a little bit better of a deal in the spring than you would right now as a buyer," said Tim Gilson, associate broker for Keller Williams Domain and the Gilson Home Group in Birmingham. The number of homes sold in southeastern Michigan was down 5.7 percent in September, according to data from RealComp, a Farmington Hills-based multiple listing service. The expectation, according to some real estate … [Read more...] about Mortgage rate spike cools home-buying market in metro Detroit
By Lucia Mutikani WASHINGTON (Reuters) - Sales of new U.S. single-family homes fell to a near two-year low in September and data for the prior three months was revised lower, the latest indications that rising mortgage rates and higher prices were sapping demand for housing. Though housing accounts for a small share of gross domestic product, it has a bigger economic footprint. That is raising concerns that protracted housing market weakness could eventually spill over to the broader economy. Residential investment contracted in the first half of the year and is expected to have declined further in the third quarter. "It is increasingly apparent that homes are getting too expensive to afford both on price and on financing costs," said Chris Rupkey, chief economist at MUFG in New York. "One thing is for certain, the economy cannot grow at a sustainable 3 percent pace for long if new home sales continue to tumble." The Commerce Department said on Wednesday new home sales dropped 5.5 … [Read more...] about U.S. new home sales near two-year low as mortgages rates rise
Mortgage rates are jumping, delivering a one-two punch to potential buyers already dealing with home prices that have risen sharply over the past few years. "There's no doubt that, with rising interest rates, homebuyers are going to be increasingly stretched to afford homes that have become extremely expensive in the past few years," said Aaron Terrazas, senior economist with real estate website Zillow. Mortgage giant Freddie Mac on Friday reported that the rate for 30-year fixed mortgages has hit a seven-year high -- and experts expect home-loan rates to continue rising. Interest rates tend to increase in response to inflation, which is picking up steam for the first time in decades. Although no one currently predicts the sort of rapid wage and price acceleration that occurred during the 1970s and early 1980s, U.S. economic growth is now high enough to make inflation a mounting concern. Terrazas expects that rates on 30-year fixed-rate mortgages, which jumped 0.19 percentage … [Read more...] about Buying a home? Here’s what rising mortgage rates will cost you
Andrew Khouri Los Angeles Times Published 10:13 PM EDT Oct 11, 2018 The average rate on a 30-year fixed mortgage is nearing 5 percent, following a surge this week that put borrowing costs at their highest level since 2011, according to Freddie Mac. The sharp increase in mortgage rates – to 4.9 percent this week, from 4.71 percent last week and 3.91 percent a year ago – stems from the same rise in the overall cost of borrowing that on Wednesday and Thursday sent stocks tumbling. The additional expense threatens to cause more would-be home buyers to hold off on a purchase. The rise in mortgage rates from last year adds $251 a month to what previously would’ve been a $2,685 monthly mortgage payment on a $535,000 house. Sam Khater, Freddie Mac’s chief economist, said rising rates and home prices are putting “downward pressure on purchase demand.” The housing market was already softening. Nationwide, sales of previously owned homes have posted … [Read more...] about Mortgage rates rise to a seven-year high