Latest Mortgages News

High mortgage rates send homebuyers scrambling for relief

Nov. 23, 2022 12:58 PM EST

LOS ANGELES (AP) — Mortgage rates are more than double what they were a year ago, so many homebuyers are looking for ways to put off some of the pain for a few years. The trend has driven adjustable-rate mortgages, or ARMs, to the highest usage in over a decade. A...

Average long-term US mortgage rate slips to 6.58%

Nov. 23, 2022 12:30 PM EST

LOS ANGELES (AP) — The average long-term U.S. mortgage rate has edged lower for the second time in as many weeks, though it remains more than double what it was a year ago —- a significant hurdle for many would-be homebuyers. Mortgage buyer Freddie Mac reported Wednesday that the...

Millennial Money: How stay-at-home spouses can build credit

Nov. 22, 2022 09:13 AM EST

Spouses share a lot, but no matter your relationship status, your credit score belongs to you and you alone. Even if you’re 100% supported financially by your spouse or partner, establishing and building your own credit score is essential. It can benefit you both as you navigate...

US home sales fell in October for ninth straight month

Nov. 18, 2022 12:13 PM EST

Sales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. Existing home sales...

Average long-term US mortgage rates tumble to 6.61%

Nov. 17, 2022 12:28 PM EST

WASHINGTON (AP) — The average long-term U.S. mortgage rate tumbled by nearly a half-point this week, but will likely remain a significant barrier for potential homebuyers as Federal Reserve officials have all but promised more rate hikes in the coming months. Mortgage buyer Freddie...

'Zombie Debt': Homeowners face foreclosure on old mortgages

Nov. 16, 2022 00:07 AM EST

Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000. “I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from...

Average long-term US mortgage rate back above 7% this week

Nov. 10, 2022 10:01 AM EST

WASHINGTON (AP) — The average long-term U.S. mortgage rate returned to the 20-year highs of two weeks ago when rates breached 7% for the first time since 2002. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate rose to 7.08% from 6.95% last week....

Redfin to cut another 13% of workforce, shutter RedfinNow

Nov. 09, 2022 11:27 AM EST

WASHINGTON (AP) — Online real estate broker Redfin is cutting 862 employees and shutting down its instant-cash-offer subsidiary RedfinNow, another casualty of two-decade high interest rates stoked by the Federal Reserve's fight against inflation. The job cuts amount to 13% of...

US average long-term mortgage rates back under 7%, for now

Nov. 03, 2022 10:11 AM EDT

WASHINGTON (AP) — The average long-term U.S. mortgage rate dipped back under 7% this week, one day after the Federal Reserve raised its benchmark borrowing rate to its highest level in 15 years as it tries to squelch four-decade high inflation. Mortgage buyer Freddie Mac reported...

US mortgage rates top 7% for the first time in 2 decades

Oct. 27, 2022 16:02 PM EDT

WASHINGTON (AP) — The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve's aggressive rate hikes intended to tame the nation's stubbornly high inflation. Mortgage buyer Freddie Mac reported Thursday...