Mortgage Rates Are Dropping, But Home Prices Won’t—Here’s Why Mortgage rates have dropped to 6.2%, down from a peak of 7.79%, leading to savings for homebuyers. However, this drop has brought more buyers back into the market, increasing competition for a limited number of homes. As supply remains low, with at least a 4 million…

On September 18th, 2024, the Federal Reserve will meet to discuss the state of the U.S. economy and decide on potential adjustments to interest rates. This meeting could have a significant impact on the housing market and mortgage rates. Here’s what homebuyers need to know. 1. Interest Rate Trends The Fed’s decisions on interest rates…

Experts Predict Mortgage Rate Changes After September Fed Meeting Experts predict that mortgage rates will unlikely fall significantly following the Federal Reserve’s expected rate cut in September. Market expectations largely influence mortgage rates, and experts believe that current rates already reflect the anticipated 25 basis point cut.  According to Dr. Selma Hepp from CoreLogic, while…

Mortgage Refinance Demand Surges 94% as Rates Drop Again Mortgage demand is increasingly focused on refinancing as interest rates declined for the fifth week in a row. Total mortgage application volume rose just 1.6% last week, with the average rate for 30-year fixed mortgages slightly decreasing to 6.43%. Although refinancing applications fell 0.3% for the…

New Home Sales Surge as July Mortgage Rates Ease In July, new single-family home sales surged to a seasonally adjusted annual rate of 739,000 units, marking a 10.6% increase from June and a 5.6% rise compared to July 2023. This significant jump followed a period of sluggish sales due to high interest rates and limited…

Refinancing your mortgage can be a smart financial move, but it’s not always the right choice for everyone. If you’re considering refinancing, here are some key factors to help you decide if now is the right time. 1. Current Interest Rates One of the most common reasons people refinance is to secure a lower interest…

MBA: July New Home Mortgage Applications Up 9.4% According to the Mortgage Bankers Association (MBA), in July 2024, mortgage applications for new home purchases rose by 9.4% compared to the previous year and 9% from June 2024. This increase was driven by strong demand for new homes and declining mortgage rates. Notably, the FHA share…

Mortgage Applications Rise in Latest MBA Survey Mortgage applications saw a significant increase of 16.8% for the week ending Aug. 9, 2024, according to the Mortgage Bankers Association (MBA). This growth was driven by a 35% rise in refinance applications, which also marked a 118% increase compared to the same week last year. The Purchase…

Housing Industry Awaits Fed’s Next Rate Cut The Federal Reserve held interest rates steady but hinted at possible cuts in the coming months, keeping the federal funds rate between 5.25% and 5.5%. While acknowledging that inflation has eased and unemployment has risen, the Fed signaled a more balanced risk to the economy, with some experts…

Are Homebuyers Seizing Dropping Housing Payments? The typical homebuyer’s monthly housing payment dropped to $2,671 in the four weeks ending July 21, the lowest in four months and down $166 from April’s peak. This decrease is due to falling mortgage rates, now at 6.77%, and an increase in inventory, giving buyers more options. However, despite…