Interest rates on mortgages have spiked above 6 percent amid fears that the U.S. Federal Reserve could raise benchmark interest rates even further in a bid to contain inflation. The interest rate on a 30-year fixed-rate mortgage was 6.28 percent as of June 14, 2022, according to Mortgage News Daily. This is a jump of…
Mortgage Rates Soar, Currently Above 6 Percent
June 15, 2022
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Housing Market to Cool Down With Existing Inventories, Says New Report
Homes sales are expected to cool down in 2022, as inventories pile up, according to a recent report by real estate listings website Realtor.com. The company had earlier predicted a 6.6 percent growth in existing home sales in 2022. The latest Realtor report, published on June 13, revised this to a 6.7 percent decline. While the…
Buying Amid Affordability Squeeze? Here’s How Homebuyers Can Cope
By Jeff Ostrowski From Bankrate.com The housing market caught fire in 2020 as Americans decided en masse that they wanted homes and were willing to pay for them. Two years on, the pandemic-era housing boom continues to rage. Home prices have set one record after another. Bidding wars have become the norm in many markets….
Mortgage Rates Jump, Applications Drop, Home Prices Could Come Down
Average long-term mortgage rates in the United States have jumped after almost a month of declines as the Federal Reserve looks all set to raise interest rates in its upcoming meeting. According to mortgage buyer Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was at 5.23 percent for the week ending June 9….
Housing Prices Near All Time High Of 2006
American mortgages holders saw their collective tappable equity, the amount owners have available to borrow against a home while retaining a stake of at least 20 percent, increased by a record $1.2 trillion in the first quarter of 2022, according to Black Knight’s Mortgage Monitor Report released on June 6. Mortgage holders have gained a total…
Housing Beat: Mortgage Rates Flatten as Sun Belt Sees New Boom in Home Building
This week in the housing market, mortgage rates were mostly flat, mortgage application volume was down and the Sun Belt is shining with new single-family home construction. On the Mortgage Front Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.09 percent as of June 2, down slightly from last week’s 5.10 percent average. The 15-year fixed-rate mortgage…
Mortgage Applications Drop Amid High Interest Rates and Affordability Concerns
June 1, 2022
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Mortgage applications in the week ending May 27 declined to their lowest level in more than three years, according to the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, fell by 2.3 percent on a seasonally adjusted basis for the May 27 week compared to the week prior,…
Credit Card Borrowing Grows at Fastest Annual Rate in 17 Years
May 31, 2022
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Households’ credit card borrowing grew at the fastest annual rate since 2005 in April, according to Bank of England figures–just as a string of price rises started to hit. The annual growth rate for all consumer credit, which includes borrowing on credit cards, overdrafts, personal loans, and car finance, increased to 5.7 percent in April…
US Home Prices Surged Over 20 Percent in March 2022: Case–Schiller Index
May 31, 2022
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Home prices in the United States soared in the month of March with major cities seeing an increase in prices, according to the latest results from the S&P CoreLogic Case–Shiller Indices. The Case–Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, registered a 20.6 percent annual gain in March 2022,…
US Mortgage Applications Drop as Home Prices Soar
Rising mortgage rates in the United States are hitting the housing industry hard, as several areas in the market are seeing declines, according to the May 24 weekly survey from the Mortgage Banker’s Association for the week ending May 20. The Market Composite Index, a measure of demand for mortgage loan applications, slipped 1.2 percent on a…
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