Latest Mortgage rates News

US key 30-year mortgage rate jumps back over 5%, now 5.22%

Aug. 11, 2022 12:02 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%. Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. By contrast, the rate stood at...

Long-term mortgage rates under 5% for 1st time in 4 months

Aug. 04, 2022 10:05 AM EDT

WASHINGTON (AP) — The average long-term U.S. mortgage rate fell below 5% for the first time in four months, days after the Federal Reserve jacked up its main borrowing rate in an aggressive effort to get inflation under control. The 30-year rate tumbled to 4.99% from 5.3% last...

Average US long-term mortgage rates retreat to 5.3%

Jul. 28, 2022 10:02 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated this week just as the Federal Reserve announced another big rate hike in its bid to get four-decade high inflation under control. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell back to 5.3%...

More homes for sale, but low-priced listings remain scarce

Jul. 28, 2022 08:01 AM EDT

LOS ANGELES (AP) — The chronic shortage of homes for sale that's made fierce bidding wars common and sent prices to record highs has long frustrated homebuyers. After a streak of annual declines going back three years, home listings finally rose on an annual basis in May and June....

How the Federal Reserve's rate hikes affect your finances

Jul. 27, 2022 18:04 PM EDT

WASHINGTON (AP) — Higher mortgage rates have sent home sales tumbling. Credit card rates have grown more burdensome, and so have auto loans. Savers are finally receiving yields that are actually visible, while crypto assets are reeling. The Federal Reserve's move Wednesday to...

US economy sending mixed signals: Here's what it all means

Jul. 27, 2022 10:30 AM EDT

WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the...

US economy sending mixed signals: Here's what it all means

Jul. 26, 2022 13:43 PM EDT

WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the...

Housing market chills as mortgage rates, prices scare buyers

Jul. 21, 2022 12:02 PM EDT

NEW YORK (AP) — Kyle Tomcak was looking for a home for his in-laws in the suburbs around Denver, something priced close to $450,000. Tomcak became dispirited as he lost out to investors fronting cash offers $100,000 over the asking price. Then mortgage rates ballooned, putting his...

Average long-term US mortgage rates edge up to 5.54%

Jul. 21, 2022 10:05 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates ticked up again this week in a rapidly cooling housing market as the Federal Reserve gears up for what could be yet another bump to its benchmark interest rate. Mortgage buyer Freddie Mac reported Thursday that the 30-year...

US home sales fell in June as prices reach new heights

Jul. 20, 2022 11:07 AM EDT

Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. Existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million, the...