Latest Mortgages News

Long-term mortgage rates ease for third straight week, dipping to just below 7%

May. 23, 2024 17:36 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage dipped this week to just below 7% for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties. The rate fell to 6.94%...

Report says home affordability in Hawaii is ‘as bad as it’s ever been’

May. 21, 2024 16:10 PM EDT

HONOLULU (AP) — Only 1 in 5 households in Hawaii can afford to buy a single-family home — a dramatic drop from just three years ago, according to a grim housing report released by the University of Hawaii on Monday. In 2021, 44% of Hawaii households could afford the mortgage on a...

Long-term mortgage rates retreat for second straight week, US average at 7.02%

May. 16, 2024 12:11 PM EDT

The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. A...

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

May. 09, 2024 17:26 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. The rate fell to 7.09% from 7.22% last week, mortgage buyer...

Chimera: Q1 Earnings Snapshot

May. 09, 2024 07:00 AM EDT

NEW YORK (AP) — NEW YORK (AP) — Chimera Investment Corp. (CIM) on Thursday reported profit of $129.5 million in its first quarter. The New York-based company said it had profit of 45 cents per share. Earnings, adjusted for non-recurring gains, were 12 cents per share. ...

Average long-term US mortgage rate rises for again, reaching highest level more than five months

May. 02, 2024 18:40 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage climbed this week to its highest level in more than five months, pushing up borrowing costs for prospective homebuyers in what's typically the housing market's busiest stretch of the year. The rate rose to 7.22% from 7.17%...

Average long-term US mortgage rate climbs for fourth straight week to highest level since November

Apr. 25, 2024 12:41 PM EDT

LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what's traditionally the housing market's busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from...

That's rich: Rise in all-cash transactions helping drive price gains for most expensive US homes

Apr. 25, 2024 09:21 AM EDT

LOS ANGELES (AP) — Well-heeled home shoppers are increasingly paying cash, helping turbo-charge price gains for the most expensive U.S. homes. The median sale price of luxury homes, or those valued in the top 5% of the market nationally, hit an all-time high $1.23 million in the...

Sluggish start for spring homebuying season as home sales fall in March with mortgage rates rising

Apr. 18, 2024 15:38 PM EDT

LOS ANGELES (AP) — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. Sales of previously occupied U.S. homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19...

Average long-term US mortgage rate climbs above 7% to highest level since late November

Apr. 18, 2024 15:36 PM EDT

LOS ANGELES (AP) — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage...