In case you missed it last week, Thursday November 10 set a record. On that day we saw the 30 year fixed mortgage interest rate drop on a single day more than it ever had before – about .60%! That is remarkable! So far this week those lower rates are holding. We are even seeing…
Since March 2022, we have seen mortgage interest rates rise at the fastest pace in 40 years. With the 30-year mortgage rate back in March around 3.0% and now at around 7.0%, these higher rates are bringing the mortgage loan and real estate world to its knees. Why? It’s all about inflation. Higher cost of…
“The Fed raised rates today, what are mortgage rates doing?” This is a common question I receive from friends and clients. And because the Federal Reserve has increased their policy rate this year much more than in years past, this question is being asked more frequently. To answer this, first let’s define the “Fed Rate”. …
With interest rates around 7.0% for a 30 year fixed mortgage, it is no surprise that total mortgage application volume is lower. Borrowers are not going to refinance their current mortgage with these higher rates, and new borrowers either don’t want to buy now and lock in a high rate, or can’t afford the payment…
The most recent report from the Federal Housing Finance Agency (FHFA) shows that from July to August 2022 prices fell just under 1.0%. So are home prices declining, yes. And it is anticipated they will continue to do so for the rest of this year and probaby through the winter months. However, it is worth…
We all know that prices of homes are decreasing all over the country. Major markets like Las Vegas, Nevada and Phoenix, Arizona are seeing huge price drops. And even smaller markets like our own neighborhoods here in southeast Idaho are seeing the price declines. Why? Three reasons. First and most obvious, the prices of homes…
According to the Mortgage Bankers Association, total mortgage applications for last week hit a 25 year low. High Interest rates, high prices, inflation concerns, lower consumer confidence all played a part in fewer people applying for home loans. Also adding to the low number was the hurricane in Florida. Obviously fewer people in Florida are…
A statement from Joel Kan, the Mortgage Banker’s Association Associate Vice President of Economic and Industry Forecasting: “Applications for both purchase and refinances declined last week as mortgage interest rates continued to increase to multi-year highs following more aggressive policy measures from the Federal Reserve to bring down inflation. Additionally, ongoing uncertainty about the impact…
Mortgage Interest rates have been only going up the last 30 days. Rates started climbing back in March, and the 30 year rate slowly rose to 6.0% in July. August gave us a break and it went back to around 5.0% As of mid-day yesterday it hit 7.0%, which is officially a 20 year high.…
Mortgage Interest Rates go up and down when the bond market goes up and down. A lot has been happening in the bond market this year, as they are analyzing record high inflation and a recessionary economy. This week has been sideways, not a lot of movement. But mid June was the worst of it…