Latest Mortgages News

More buyers opt for adjustable-rate mortgages as rates rise

May. 19, 2022 11:18 AM EDT

LOS ANGELES (AP) — Rising interest rates are making adjustable-rate mortgages an increasingly attractive alternative to common 30-year, fixed-rate home loans. ARMs made up 13% of all home loans by dollar volume in March, their highest share since January 2020, according to...

Home sales tumble again as mortgage rates surge

May. 19, 2022 10:58 AM EDT

Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual...

Average long-term U.S. mortgage rates edge down to 5.25%

May. 19, 2022 10:52 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week. By contrast, the...

Average long-term US mortgage rates edge up to 5.3%

May. 12, 2022 10:12 AM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates edged up again this week, with interest on the key 30-year loan at its highest level since 2009. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate ticked up to 5.3% from 5.27% last week. By...

Beshear announces funding for new homes for storm victims

May. 10, 2022 17:56 PM EDT

MAYFIELD, Ky. (AP) — Five months after deadly tornadoes ripped through western Kentucky, Gov. Andy Beshear on Tuesday announced $16 million in funding to help provide homes for storm victims. The money, coming from the Team Western Kentucky Tornado Relief Fund, will help provide up...

US mortgage rates rise; 30-year at 5.27%, highest since 2009

May. 05, 2022 15:32 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates resumed their ascent this week, as the key 30-year loan reached its highest point since 2009. The increases came in the week preceding the widely anticipated action by the Federal Reserve, announced Wednesday, to intensify its...

Rising interest rates in US will hinder foreign economies

May. 05, 2022 00:23 AM EDT

WASHINGTON (AP) — When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans. The fallout can be felt beyond America’s borders,...

Long-term US mortgage rates edge down this week to 5.1%

Apr. 28, 2022 10:01 AM EDT

WASHINGTON (AP) — The average long-term U.S. mortgage rate edged down for the first time in two months following a swift ascent to levels that have not been seen in more than a decade. After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from...

Higher mortgage rates set stage for lower home sales

Apr. 21, 2022 13:19 PM EDT

LOS ANGELES (AP) — Low mortgage rates have helped juice the housing market over the past decade, easing the way for borrowers to finance ever-higher home prices. A run-up in rates in recent weeks is threatening to undo that dynamic, setting the stage for a slowdown in home sales...

Average long-term US mortgage rates highest in 12 years

Apr. 21, 2022 10:20 AM EDT

WASHINGTON (AP) — Long-term U.S. mortgage rates rose for the seventh straight week, climbing to their highest level in more than a decade. The average rate on a 30-year mortgage rose to 5.11% from 5% last week, mortgage buyer Freddie Mac reported Thursday. The last time it was...