Latest Mortgages News

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...

Firm downgrades 3 insurers in Florida, adding to concerns

Aug. 03, 2022 12:46 PM EDT

TALLAHASSEE, Fla. (AP) — A ratings agency has withdrawn ratings for two insurance companies and downgraded a third firm in Florida, raising concerns for homeowners who could end up paying more for insurance and further muddying a troubled market. Demotech, which rates 40...

Florida plans to backup insurance companies facing downgrade

Jul. 28, 2022 14:55 PM EDT

TALLAHASSEE, Fla. (AP) — Florida has taken action to back up property insurance companies facing a downgraded rating in an effort to help thousands of homeowners comply with mortgage requirements rather than being forced to seek new policies. The state-created Citizens Property...

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...

Justice Department says Warren Buffett's mortgage company discriminated against Black homebuyers in 3 states

Jul. 27, 2022 10:55 AM EDT
NEW YORK (AP) — Justice Department says Warren Buffett's mortgage company discriminated against Black homebuyers in 3 states.

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...