After dropping for six weeks, the 30-year fixed-rate mortgage moved slightly higher today and now stands a 2.87 percent, according to Freddie Mac. “Following last Friday’s strong jobs report, which revealed broad-based gains in employment and wage growth, mortgage rates are moving higher,” reports Sam Khater, Freddie Mac’s chief economist. “Despite the rise, rates remain …
Mortgage Rates Rise Above 3 Percent
For the first time in ten weeks, the rate for the 30-year fixed mortgage interest rate has risen above three percent, reports Freddie Mac. Further, as the economy continues to improve, the mortgage buyer anticipates that the rates will continue to rise gradually in the second half of the year. For those homeowners who have …
30-Year Mortgage Remains Under 3%, Strong Market Continues
The 30-year fixed rate mortgage ticked up slightly but remained under 3 percent this week, standing at 2.99 percent, according to Freddie Mac. Meanwhile, the 15-year fixed remained at 2.27 percent. As Freddie Mac notes, “Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough.” Although there are …
Lack of Affordable Homes Remains Key Factor
The National Association of Realtors’ Pending Home Sales Index dropped 4.4 percent to a reading of 106.2 for the month, but contract signings jumped 51.7 percent year-over-year. “Contract signings are approaching pre-pandemic levels after the big surge due to the lack of sufficient supply of affordable homes,” said Lawrence Yun, NAR’s chief economist, today. All …
Mortgage Rates Hit Three Percent
Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, according to Freddie Mac. While purchase activity remains high, it has cooled off over the past few weeks and currently is on par with early March 2020, it reports. “However, the rise in mortgage rates over the next …
CA Home Prices Expected To Continue To Rise In 2021
Homes prices and sales are expected to continue to rise next year, according to the 2021 California Housing Market Forecast recently released by the California Association of Realtors. While it is likely they will continue to increase, it should be at a more modest rate, the report noted. The problem remains lack of inventory. So …