Mortgage rates fall sharply after negative GDP report and Fed’s latest hike

Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower. The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday … Read more

5 markets where home sales are cooling fastest

Stockton, California DenisTangneyJr | iStock | Getty Images After the frenzy of bidding wars, the US housing market is starting to cool, particularly along the West Coast, as mortgage interest rates rise. That’s forcing some sellers to adjust. “Sellers have to be more realistic,” said Bill Kowalczuk, real estate broker at Coldwell Banker Warburg. Several … Read more

Homebuyers are canceling deals at highest rate since start of Covid

A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida. According to the National Association of Realtors, sales of existing homes dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units. Sales were 8.6% lower than in May 2021. As existing-home sales declined, the median price … Read more

Rising interest rates cost typical homebuyers 16% of purchasing power

As interest rates rise, a good chunk of homebuyers have lost up to $ 165,000 in purchasing power on new homes in the last year, according to a recent study by online real estate brokerage Redfin. Interest rates for 30-year fixed-rate mortgages have jumped from an average low of 3% to about 6% in the … Read more

Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher

A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. David Paul Morris | Bloomberg | Getty Images Total mortgage application volume was 52.7% lower last week than the same … Read more

Real estate firms Compass and Redfin announce layoffs as housing market slows

A Redfin Corp. ‘For Sale’ sign stands outside of a home in Seattle, Washington. David Ryder | Bloomberg | Getty Images Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop. In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its … Read more

Home listings suddenly spike as sellers worry they’ll miss out on red hot market

A For Sale sign is displayed in front of a house in Washington, DC. Stefani Reynolds | Afp | Getty Images Sharply higher mortgage rates have caused a sudden pull-back in home sales, and now sellers are rushing to get in before the red-hot market cools off dramatically. The supply of homes for sale jumped … Read more

General Electric, Warner Bros. Discovery and more

A General Electric (GE) sign was seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. Aly Song | Reuters Check out the companies making headlines in midday trading. General Electric – Shares slid more than 11% despite the industrial company reporting top and bottom line beats for the first … Read more

Here’s how much the same mortgage costs now, compared to last year

Fewer people are shopping for homes, a sign that homebuyers are getting priced out of the market due to surging mortgage rates, which spiked to an average of 5% this week for 30-year fixed-rate mortgages. The fixed-rate mortgage rate jumped 0.28% in the last week alone, reaching a high not seen since February 2011, according … Read more