House for sale with real estate sign “For sale” in the garden in spring or summer. No people. Fstop123 | E+ | Getty Images According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage demand fell last week compared to the previous week, even as interest rates continued to fall. The average contract interest rate … [Read more…]
Home ownership became more affordable this week as interest rates on 30-year fixed-rate mortgages fell below 7% for the first time since August. After peaking at nearly 8% in late October, the average 30-year mortgage rate has fallen weekly since then. According to Freddie Mac, the rate is 6.95% as of Thursday. With inflation easing, … [Read more…]
According to Freddie Mac, the average interest rate on a 30-year mortgage fell 0.08% to 6.95% this week. That might not seem like a big deal, but it brings the average mortgage rate below 7% for the first time since August. Could this make people who have always wanted to enter the housing market more … [Read more…]
According to sources, Wells Fargo received a formal notice from the Consumer Financial Protection Bureau about problems with its use of mortgage interest discounts. Wells Fargo hired a law firm to outsmart mortgage lenders whose sales included steep discounts, the sources said. Several banks received MRAs on lending practices last year, the CFPB said, without … [Read more…]
Our experts answer readers’ questions about home buying and write unbiased product reviews (how we rate mortgages). We sometimes receive a commission from our partners; However, our opinions are our own. Mortgage rates have been steadily declining and this week they fell even further. So far in December, 30-year mortgage rates have been steady below … [Read more…]
Houses in Hercules, California, USA. Bloomberg | Bloomberg | Getty Images After rising over 8% in October, mortgage rates are falling back to 7%, giving the refinancing market a boost. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) fell from 7.37% to 7.17%, with points … [Read more…]
In its recent economic statement, Ottawa unveiled a “mortgage charter” that sets out rules banks must follow to help subprime mortgage holders. • Also read: Interest rates are set to fall “faster” than expected, says a renowned economist • Also read: After mortgages, car loans are putting a strain on Quebec households • Also read: … [Read more…]