Former U.S. President Donald Trump arrives at Trump Tower in Manhattan on August 15, 2021 in New York City.James Devaney | GC Images | Getty ImagesA New York judge on Wednesday lifted a contempt-of-court order against former President Donald Trump that was imposed after he failed to comply with a subpoena as part of a… More
After rising steadily for three weeks, mortgage rates dipped slightly last week, prompting a small increase in refinance activity. Activity from homebuyers, however, pulled back further, leaving total mortgage demand basically flat from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming… More
People walk into a house for sale in Floral Park, Nassau County, New York.Wang Ying | Xinhua News Agency | Getty ImagesHome price increases slowed ever so slightly in April, but it is the first potential sign of a cooling in prices.Prices rose 20.4% nationally in April compared with the same month a year ago,… More
Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were, however, 10% lower than they were in the same week one year ago.A big jump in mortgage rates may have actually… More
For homeowners, big projects and purchases may be another casualty of rampant inflation, new research suggests.Overall, 60% of homeowners in a recent survey are less comfortable making large purchases for their home or household because of rising prices, according to Hippo Insurance’s 2022 Homeowner Preparedness Report. And nearly 43% either strongly (14.4%) or somewhat (28.4%)… More
A waterfront mansion on Star Island, Florida.Jeff Greenberg | UIG | Getty ImagesMillennial millionaires are temporarily shelving major purchases as interest rates and inflation rise, according to CNBC’s Millionaire Survey.Nearly half of millennial millionaires say higher borrowing costs are causing them to delay buying a car, and 44% say higher interest rates have caused them… More
What the federal funds rate means to youThe federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and saving rates consumers see every day.”We’re certainly going… More
Mortgage rates jumped sharply this week, as fears of a potentially more aggressive rate hike from the Federal Reserve upset financial markets.The average rate on the popular 30-year fixed mortgage rose 10 basis points to 6.28% Tuesday, according to Mortgage News Daily. That followed a 33 basis point jump Monday. The rate was 5.55% one… More
Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022.Saul Loeb | AFP | Getty ImagesThe Federal Reserve is again poised to raise interest rates in an attempt to slow down the highest inflation in four decades without pushing the U.S. economy into a… More
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 workforce, and Redfin announced an 8% cut.Shares of both companies fell Tuesday. Redfin’s stock touched a new 52-week low.Rising rates and overheated… More
Jake and Stephanie Murphy are moving into a new single-family rental home built by American Homes 4 Rent.Diana Olick | CNBC Real Estate CorrespondentAs demand for single-family rental homes surges, big landlords are jumping into the homebuilding business to shore up falling supplies.The push comes as more Americans have the flexibility to work from anywhere… More
Mortgage rates are back on the upswing, after a brief decline in May, and the housing market is still suffering from a lack of listings. As a result, mortgage demand continues to drop.Total mortgage application volume fell 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand… More
Houses in Hercules, California, US, 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 ImagesHomeowners are in the money, and it just keeps coming. Two years of rapidly rising home prices have pushed… More
Lifestylevisuals | E+ | Getty ImagesWhen interest rates rise, it’s common for some homebuyers to explore whether an adjustable rate mortgage would make sense for them.With an ARM, as it’s called, the appeal is its lower initial interest rate compared with a traditional 30-year fixed-rate mortgage. Yet down the road, that rate can change, and… More
A “For Sale” sign outside a house in Crockett, California, on Tuesday, May 31, 2022.David Paul Morris | Bloomberg | Getty ImagesMortgage rates rose sharply this week, after pulling back over the last three weeks.The 30-year fixed hit 5.36% Monday and then moved higher again Tuesday to 5.47%, according to Mortgage News Daily. Volatility in… More
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