Latest Mortgages News

US long-term mortgage rates up for 6th week; 30-year at 6.7%

Sep. 29, 2022 11:25 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession. Mortgage buyer Freddie Mac reported Thursday that the average on the key...

Homeowners see slower equity gains as housing market cools

Sep. 29, 2022 11:07 AM EDT

LOS ANGELES (AP) — Homeowner equity climbed to record highs in the first half of this year, though its rate of growth is slowing as the housing market cools. Average homeowner equity per borrower reached $298,380 in the second quarter, according to data from CoreLogic. ...

Average US long-term mortgage rates climb to 6.29% this week

Sep. 22, 2022 14:55 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped by more than a quarter-point this week to their highest level since 2008 as the Federal Reserve intensified its effort to tamp down decades-high inflation and cool the economy. Mortgage buyer Freddie Mac reported...

US home sales slipped, prices grew more slowly in August

Sep. 21, 2022 11:28 AM EDT

Sales of previously occupied U.S. homes slowed in August for the seventh month in a row, as sharply higher mortgage rates and rising prices made homebuying less affordable, further cooling the once red-hot housing market. The National Association of Realtors said Wednesday that...

Mortgage rates hit 6%, first time since 2008 housing crash

Sep. 15, 2022 17:22 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year...

As housing market cools, homebuyers regain leverage

Sep. 08, 2022 12:47 PM EDT

LOS ANGELES (AP) — Years of soaring home prices and sharply higher mortgage rates remain hurdles for many would-be homebuyers, but new data shows that they're regaining some leverage at the negotiating table as the housing market slows. An analysis of home sales data by Redfin...

Long-term mortgage rates now at highest point since 2008

Sep. 08, 2022 10:27 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates jumped again this week, hitting the highest levels in almost 14 years and pushing even more would-be buyers out of the market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate jumped to 5.89% from 5.66% last...

Mortgage rates rise to 5.66%, weighing on housing market

Sep. 01, 2022 10:17 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the...

Millennial Money: Don’t let money ‘rules’ get you down

Aug. 30, 2022 07:03 AM EDT

Put 20% down when buying a home. Don’t spend more than 30% of your income on housing costs. Keep child care expenses below 10% of your annual household income. These money rules of thumb can be useful guardrails, helping you allocate spending and determine what’s affordable. They...

Small businesses feel the pinch from slowing housing market

Aug. 27, 2022 09:52 AM EDT

NEW YORK (AP) — The chill in the housing market is rippling out to the carpenters, landscapers and other small businesses that lose out when fewer homeowners are renovating their properties. Inflation was already causing some homeowners to delay big renovation projects as prices...