U.S. mortgage rates spiked to record highs for the fifth straight week following the Federal Reserve’s decision to raise its key interest rate. The average interest rate on a 30-year fixed-rate mortgage was 6.29 percent for the week ended Sept. 22, according to data from the mortgage lender Freddie Mac. This is the highest level…
Mortgage Rates Jump to 14-Year High as Fed Delivers Jumbo Rate Hike
September 23, 2022
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Fed Chair Says Housing Price ‘Correction’ Would Put Market in Better Balance
September 21, 2022
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Federal Reserve Chairman Jerome Powell said that the U.S. housing market will probably face a reset after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The average contract rate for a 30-year fixed rate mortgage had already hit an historically high 6.25 percent last week…
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
Labor Chief Hosts Talks With Unions, Railroads; National Debt Closes In on $31 Trillion | NTD Business
The Biden administration is racing to avert a rail shutdown, hosting talks with railroad and union officials. Mortgage demand plummets compared to last year, as mortgage interest rates surge above 6 percent. America’s national debt is closing in on $31 trillion. We take a deep dive, looking at what this means for the country and…
Housing Activity ‘Took a Nosedive’ as Mortgage Rates Hit 15-Year Highs—a Chart That Says It All
Mortgage rates are at their highest point since the Great Recession as housing affordability continues to decline, according to Freddie Mac (OTC:FMCC) data. The 30 year fixed increased from 5.66 percent to 5.89 percent. The long-term rate hasn’t been this high since November 2008, shortly after the Great Recession was triggered by the collapse of…
BC Home Sales to Decline Into 2023 Due to High Mortgage Rates: Report
Home sales in British Columbia are forecasted to fall “well below normal” into next year as rapidly rising mortgage rates weigh on buyers, says the B.C. Real Estate Association (BCREA). In its forecast report released on Sept. 8, BCREA said residential home sales are projected to decline 34.4 percent from a record high of 124,877…
BC Home Sales to Continue to Decline Into Next Year Due to High Mortgage Rates: Report
The trend of declining home sales in British Columbia, which are already below normal, is forecast to continue into next year as rapidly rising mortgage rates weigh on buyers, says the B.C. Real Estate Association (BCREA). In its forecast report released on Sept. 8, BCREA said residential home sales are projected to decline 34.4 percent…
Goldman Sachs Warns About US Housing Market Downturn
September 7, 2022
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Investment firm Goldman Sachs has warned investors that a downturn in the American housing market is likely in the coming months. “We expect home price growth to stall completely, averaging 0 percent in 2023,” Goldman strategists said in a note to clients, according to Fox Business. “While outright declines in national home prices are possible…
US Home Prices in July Decline for First Time in Three Years
August 24, 2022
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U.S. home prices fell 0.77 percent from June to July, for the first monthly decline in nearly three years, according to preliminary July home sales data from Black Knight, a mortgage analytics firm. The apparently mild drop in prices is the largest single-month decline in prices since January 2011. It also was the second-worst performance for…
‘Severe’ Housing Slump Possible With 15 Percent Price Drop: Fitch
August 17, 2022
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The likelihood of a severe downturn in the U.S. housing market has risen, according to an August 17 report from credit reporting agency Fitch Ratings. “However, our ratings-case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024,” said Fitch, after it recently affirmed a…
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