US EditionMortgage Rates Continue to Move Downward. Will It Last?
Mortgage rates have dropped to 6.35%, the lowest in nearly a year, enhancing buyers' purchasing power by up to $25,000, driven by anticipated Federal Reserve rate cuts and easing inflation.
- On the week ending Sept. 11, Freddie Mac reported the average 30-year fixed mortgage fell to 6.35%, the lowest in nearly a year after the largest weekly drop.
- Markets are pricing in a Federal Reserve rate cut at next week's FOMC meeting, while a cooling 10-year Treasury yield pushes mortgage rates toward 6% and possibly 5% later this month.
- The Mortgage Bankers Association said Wednesday that purchase applications rose 9.2%, and a $400,000 loan example shows monthly payments drop about $150 when rates fall from 7% to 6.35%.
- Lower rates increase purchasing power by about $25,000 for some homebuyers, while millions of homeowners with rates over 7.5% can now refinance to reduce monthly costs.
- Realtor.com economist Jiayi Xu warned mortgage rates could stabilize or rise if the Federal Open Market Committee's guidance disappoints, with Sept. 11 consumer price index data showing a 0.4% monthly and 2.9% annual inflation increase.
13 Articles
13 Articles
US mortgage rates drop to lowest in nearly a year as Fed rate cut looms
It looks like mortgage rates in the U.S. are in a downward spiral. The average rate on a 30-year U.S. mortgage fell this week to its lowest level in nearly a year, reflecting a pullback in Treasury yields ahead of an expected interest rate cut from the Federal Reserve next week. Mortgage rates refer to the interest rates charged by lenders on home loans or mortgages. These rates determine the cost of borrowing money to buy a home and directly im…
Morning Business Report: mortgage rates drop, inflation pushes prices higher 41NBC News
(LILA MAX)- Mortgage rates fell sharply this week, marking the largest weekly drop in a year, according to mortgage buyer Freddie Mac. The latest Primary Mortgage Market Survey showed the average rate on a 30-year fixed mortgage slipped to 6.35%, down from 6.5% last week. Applications for mortgages, including refinancing, also increased. At the same time, consumers continue to face higher prices across a range of goods. August inflation data sho…
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