Mortgage rates hit 6%, first time since 2008 housing crash
Rising interest rates—in part a result of the Federal Reserve’s aggressive push to tamp down inflation—have cooled off a housing market that has been hot for years.
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Home affordability worsens in U.S. as higher mortgage rates bite
Families spent about 24% of their incomes on mortgage payments in the second quarter, up from 19% in the previous three months and from 17% last year.
Housing market chills as mortgage rates, prices scare buyers
Mortgage applications have declined sharply while sales of previously occupied homes have fallen for five straight months, during what is generally the busiest time of year in real estate.
Recession fears grow as Dow closes below 30,000, mortgage rates spike
Financial markets shuddered Thursday as they adjusted to the Federal Reserve’s latest attempts to address inflation.
Average U.S. mortgage rates make biggest jump in 35 years
Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.
Mortgage rates jump again, sending homebuyers to the sidelines
The brisk jump in rates, along with a sharp increase in home prices, has been pushing potential homebuyers out of the market.
More buyers opt for adjustable-rate mortgages as rates rise
ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to CoreLogic.
Average long-term U.S. mortgage rates edge up to 5.3%
Average long-term U.S. mortgage rates are continuing to rise, with interest on the key 30-year loan at its highest level since 2009.
Here’s how higher Fed rates stand to affect Americans’ finances
Economists and investors foresee the fastest pace of Federal Reserve rate increases since 1989. The result could be much higher borrowing costs for households well into the future.
Mortgage rates soar to their highest levels in 11 years
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
Biden administration to release plan to stop bias in home appraisals
The plan contains 21 steps to improve oversight and accountability, including a legislative proposal to modernize the governance structure of the appraisal industry.
Here’s how higher interest rates will affect Americans’ finances
With inflation raging at four-decade highs, economists and investors expect the central bank to enact the fastest pace of rate hikes since 2005. That would mean higher borrowing rates well into the future.
Homebuyers face another obstacle as costlier loans sap affordability
Costs for 30-year loans hit a more than two-year high of 3.69% last week, rising about 20% just since Christmas. Further increases are expected as the Federal Reserve, trying to curb inflation, hikes its benchmark rate.
Old National Bank settles allegations of redlining against Black Indy residents
The bank was accused in a lawsuit earlier this year of providing disproportionately fewer mortgages to Black borrowers, closing branches in predominantly Black neighborhoods and giving Black people less information during the mortgage-application process.
Justice Department to expand redlining investigation efforts
The Justice Department announced Friday a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods.
Tsunami of deferred debt is about to hit homeowners no longer protected by a foreclosure moratorium
Congress approved $10 billion in federal assistance to help homeowners pay off debt, but the program is moving so slowly that protections are expiring before states have figured out how to distribute the money.
White House replaces regulator for mortgage giants after Supreme Court ruling
The White House replaced the regulator who oversees mortgage giants Fannie Mae and Freddie Mac after the Supreme Court ruled that the leadership structure of the Federal Housing Finance Agency was unconstitutional.
Bank CEOs tell Congress they’ll work to avoid foreclosures
The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after pandemic aid expires this summer.
Federal ban on housing foreclosures extended until June 30
The moratorium on foreclosures of federally guaranteed mortgages had been set to expire on March 31. Census Bureau figures show that almost 12% of homeowners with mortgages were late on their payments.
Mortgage rates poised to rise as U.S. Treasury yields surge
Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, are climbing this month amid expectations of higher U.S. government spending on pandemic relief and an economy recovery as more people get vaccinated for COVID-19.