Lumber Market News Fixed Mortgage Rates Decrease Slightly – Week Ending July 11, 2024 End Use Posted on July 11, 2024 Freddie Mac released its Primary Mortgage Market Survey® (PMMS) for the week ending Wednesday, July 11, 2024. PMMS reports that the average for a 30-year fixed-rate mortgage is 6.89%, up from an average of 6.95% last week. During the same period a year ago, the average for a 30-year fixed-rate mortgage was 6.96%. The average 15-year fixed mortgage rate is 6.17%, up from an average of 6.25% last week. During the same period a year ago, the average 15-year…
Author: Private Lending Agent
According to Bankrate, the average interest rate on a standard 30-year fixed mortgage last week was 6.98%, down 0.04 percentage point from 7.02% the previous week. A 30-year fixed mortgage is the most commonly sought loan term. A 30-year fixed rate mortgage will have lower monthly payments than a 15-year fixed rate mortgage, but will usually have a higher interest rate. The average interest rate on a standard 15-year fixed mortgage was 6.48%, down 0.06 percentage point from 6.54% the previous week, according to Bankrate. A 15-year fixed rate mortgage will have a higher monthly payment than a 30-year fixed…
There's an entire industry dedicated to reading the minds of Federal Reserve Chairman Jerome Powell and other members of the Fed's Open Market Committee to understand what they plan to do with interest rates. On Tuesday, the industry heard Powell tell lawmakers on Capitol Hill that he wanted “better data” to be confident that a recent easing in inflation readings means prices are finally under control. Well, Chairman Powell and his colleagues had new data from the Commerce Department on Thursday morning, the Consumer Price Index for June, and the news was surprisingly good. Year-on-year inflation fell for the third…
By Calculated Risk 2024/7/11 04:56:00 PM What this means: Every week, Realtor.com reports the year-over-year change in active inventory and new listings. Monthly, it reports total inventory. In June, Realtor.com reported that inventory was up 36.7% year-over-year, but it's still down 32.4% compared to April 2017 to April 2019 levels. On a weekly basis, inventory is currently up 34.5% year over year.Realtor.com has monthly and weekly data on the existing housing market. Here is their weekly report: Weekly Housing Trends View – Data for the week ending July 6, 2024• Available inventory increased, with homes for sale up 34.5% year…
© Tetra Images – DigitalVision / Getty Images According to the National Association of Realtors' 2024 Member Profile, about 20% of real estate professionals say many potential homebuyers are waiting for mortgage rates to fall before making a move, which real estate agents say is one of the biggest factors limiting real estate transactions recently. But the ultra-low interest rates of the past, like 2% or 3% during the pandemic, are now even more of a thing of the past. Economists say buyers should stop waiting because those rates are unlikely to come back anytime soon. Federal Reserve Chairman Jerome…
Workers build new homes at a development in Loveland, Colorado, Tuesday, June 25, 2024. Freddie Mac released this week's average U.S. mortgage interest rates Thursday, July 11, 2024. (AP Photo/David Zarbowski) The average interest rate on a 30-year mortgage fell slightly this week, providing some relief to homebuyers facing record-high home prices. Mortgage buyer Freddie Mac said Thursday that interest rates fell to 6.89% from 6.95% last week. The average was 6.96% a year ago. The average interest rate has mostly hovered around 7% this year, more than double the rate just three years ago. Rising mortgage rates can cost…
(Bloomberg) — United Wholesale Mortgage Co., the largest mortgage lender, is boosting incentives it offers its network of brokers that write certain types of mortgages, a move that could spur more refinancing and affect buyers of mortgage-backed securities.Most read articles on BloombergThe mortgage wholesaler offers brokers an additional 1.25 percent commission on mortgages made through the Department of Veterans Affairs or the Federal Housing Administration, according to a notice on its website. This extra commission allows brokers to offer lower interest rates, giving homeowners more incentive to refinance with UWM.That's a potential problem for buyers of mortgage-backed securities guaranteed by…
Mortgage rates fell slightly this week to their first year-over-year decline in several years, and the June inflation report suggests rates could fall further.Freddie Mac said Thursday that the typical 30-year fixed-rate mortgage fell to 6.89% from 6.95% last week. The slight decrease put interest rates at their lowest since late June. The weekly rate fell below year-ago levels for the first time since 2021. The average mortgage rate for the same week in 2023 was 6.96%. It's one of the latest signs that the housing market is increasingly favoring buyers. “There's more inventory on the market and a significant…
Recent comments from Federal Reserve Chairman Jerome Powell have provided a beacon of clarity in the often murky waters of economic policy. In a political climate where the timing of policy decisions is subject to as much scrutiny as the decisions themselves, Powell has remained firm in his position that the Fed will cut interest rates if data indicates it is necessary, regardless of the political calendar. Will the Fed Cut Interest Rates? Insights from Chairman Powell's Recent Comments A commitment to data-driven decision-making is a cornerstone of the Federal Reserve's approach to managing the economy – a stance that…
Long Island homebuyers hoping for a dramatic drop in mortgage rates this year were disappointed, but Thursday's inflation report suggested rates could fall later in the year.The average U.S. rate on a 30-year fixed mortgage was 6.89% in the week that ended Thursday, down from 6.95% the previous week, according to mortgage giant Freddie Mac.Three years ago, before soaring inflation caused mortgage rates to rise, the average was 2.9%.Home buyers received some positive news on the inflation front on Thursday as the Consumer Price Index fell 0.1% month-on-month in June, while inflation rose 3% year-on-year, the slowest increase since June…