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  It may be hard to believe now, but it wasn't that long ago that mortgage interest rates were near historic lows. On August 27, 2020, the average rate on a 30-year loan was 2.91%. One year later, it had dropped even further to just 2.86%. However, as the pandemic and influencing economic factors waned, inflation rose dramatically and by June 2022 it was at a 40-year high. Interest rates soon followed, and by August 2023, the average mortgage interest...

Here's when mortgage interest rates could fall below 6%

Markets Insider

The US housing market added over $3 trillion in value over the last year alone, per a Redfin analysis.

The US housing market is on the verge of hitting a record $50 trillion valuation as prices keep rising

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  Over the last three years, average mortgage rates have almost doubled. On August 19, 2021, the average 30-year fixed rate was 2.86%. By comparison, today's average 30-year mortgage rate is 6.57%. This uptick in rates has made purchasing a home less affordable for many buyers.  In addition, home prices have hit record highs this year, putting the possibility of homeownership out of range for many.That said, on a positive note, mortgage rates have fallen more than half a percentage...

Will mortgage rates drop below 6% this fall? Experts weigh in

As mortgage rates fall, refinancing applications soared 34.5% last week to the highest level in over two years, according to the MBA.

Borrowers are rushing to refinance their mortgages as rates tumble to the lowest level in over a year

Rates will need to decline another percentage point to entice buyers, Freddie Mac says. Mortgage rates continued their slow descent this week. The 30-year FRM averaged 6.46% Thursday, according to Freddie Mac’s Primary Mortgage Market Survey. That is down from last week when it averaged 6.49% and significantly down from a year ago when it averaged 7.23%.

30-Year Fixed-Rate Mortgage Down Three Basis Points

The Associated Press

Slightly more Americans filed for unemployment benefits last week, but the number of claims remains at healthy levels. Jobless claims rose by 4,000 to 232,000 for the week of Aug. 17, the Labor Department reported Thursday. The four-week average of claims, which evens out some of the weekly gyrations, ticked down by 750 to 236,000.

U.S. applications for unemployment benefits inch up, but remain at historically healthy levels

Lower production, higher prices, that’s the summary of USDA's August Dairy Forecast. “We reduced our production forecast for both 2024 and 2025. We still expect year-over-year growth," said World Agricultural Outlook Board chairman Mark Jekanowski. "So, 2025 production will exceed this year's production by about 1.8 billion pounds." Jekanowski...

USDA: Strong Milk Prices Expected Over Next Two Years

Higher-priced properties see largest price gains as investor purchases and market share rise. On par with gains recorded in May, single-family rental (SFR) prices increased 2.9% year over year in June, signaling stabilization in single-family rental markets as low homebuyer affordability continues to support demand, per CoreLogic’s latest update to its Single-Family Rent Index (SFRI). Now returning to pre-pandemic growth rates, SFR prices increased by double digits in communities across the U.S. during 2021 and 2022.

Single-Family Rental Prices Stabilize In Second Quarter

File today under "nice." While it wasn't amazing, significant, or even the byproduct of any interesting events, mortgage rates managed to drift modestly lower, ultimately matching their lowest levels since August 5th. The lowest rates in just over 2 weeks might seem like it's worth more enthusiasm, but we didn't...

Mortgage Rates Edge Lower Yet Again

As the summer shopping season winds down, mortgage rates around 6.5% don't appear to be motivating potential homebuyers. The 30-year fixed-rate mortgage averaged 6.46% this week, according to the latest Freddie Mac survey. That's down from 6.49% a week ago but relatively flat over the past two weeks. It marks a big decline from a year ago, however, when rates averaged 7.23%.

Mortgage rates still not low enough to spark buyer interest

WASHINGTON (AP) — The great inflation spike of the past three years is nearly spent — and economists credit American consumers for helping slay it. Some of America’s largest companies, from Amazon to Disney to Yum Brands, say their customers are increasingly seeking cheaper alternative products and services, searching for bargains or just avoiding items they deem too expensive. Consumers aren’t cutting back enough to cause an economic downturn. Rather, economists say, they appear to be returning to pre-pandemic norms, when most companies felt they couldn’t raise prices very much without losing business.

Americans’ refusal to keep paying higher prices may be dealing a final blow to US inflation spike

Robb Report















	There are more million-dollar homes in the U.S. than ever before. A record 8.5 percent of homes in America now have an estimated value of $1 million or more, according to a new report by Redfin. That’s up from 7.6 percent a year ago and more than twice the four percent recorded in June 2019, prior to the pandemic. Per the findings, the reasons for the spike can be attributed to limited inventory and high demand.This $13.5 Million Residence in Downtown Charleston Offers a Fresh Take on Historic Architecture




	“The median sale price of U.S. luxury homes rose 9 percent year over year to a record...

The Number of Million-Dollar Homes in the U.S. Has Hit a Record High

Forbes shares housing market predictions. According to Forbes, experts say the housing market will only see renewed momentum once mortgage rates drop enough to ease affordability challenges and incentivize homeowners locked in at low rates to move so inventory grows substantially to meet demand. Housing Market Forecast for 2024. U.S....

Housing Market Predictions for 2024: When Will Home Prices Be Affordable Again?

LOS ANGELES (AP) — Sales of previously occupied U.S. homes ended a four-month slide in July as easing mortgage rates and a pickup in properties on the market encouraged home shoppers. Existing home sales rose 1.3% last month from June to a seasonally adjusted annual rate of 3.95 million,...

US home sales ended a 4-month slide in July amid easing mortgage rates, more homes on the market

24/7 Wall St.

While we’ve been eagerly waiting for a rate cut, several sectors have been hit harder than others. Retail sales are very closely watched each month as they are a strong indicator of the economy. The retail sales in June saw a 2.3% year-over-year increase while they jumped only 1% year-over-year in July. The rising prices […]
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3 Stocks Ready to Soar After a Fed Rate Cut

UPI News

U.S. existing home sales in July broke a four-month downturn as sales rose in three of the four major regions, according to a Thursday National Association of Realtors report.

Existing U.S. home sales up 1.3% in July, ending a four-month decline

Homeowners are opting to utilize HELOCs for home updates rather than move. According to U.S. News & World Report, homeowners who want to move face the unpleasant prospect of trading in an old low-rate mortgage for a new higher-rate mortgage. This dilemma is known as the lock-in effect. Instead of...

Locked in by Low Mortgage Rates, Homeowners Flock to HELOCs

For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.52% today, a decrease of -0.03% over the last week. The average rate for a 15-year fixed mortgage is 5.88%, which is a decrease of -0.04% from the same time last week. For a closer look at mortgage predictions this week, see here.

Rates Fall for Prospective Buyers: Mortgage Rates for Aug. 22, 2024

PYMNTS

Economists at Goldman Sachs have lowered the likelihood of a U.S. recession. As Bloomberg News reported Saturday (Aug. 17), the banking giant now gives an economic downturn a 20% chance of happening, down from 25%, based on recent retail sales and unemployment claims data. And assuming the next jobs report...

Goldman: Recession Seems Less Likely After Jobs/Sales Reports

Mortgage rates have been on a declining trend, but demand slowed down last week largely due to fewer refinance applications, an indication that the industry should not expect a mini refi boom yet. Mortgage applications dropped 10.1% for the week ending Aug. 16 compared to the previous week, according to...

Mortgage demand slows despite cooling rates

NewsBreak

Rate cuts likely as affordability remains low for Wisconsin's real estate market

WAUSAU, Wis. (WSAW) - The Wisconsin REALTORS® Association’s July 2024 Wisconsin Real Estate Report shows a bounce back in new listings after an unexpected decline in...

Rate cuts likely as affordability remains low for Wisconsin's real estate market

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