US 30-Year Mortgage Rates Average Rises To 3.85 Percent

30 year mortgage rates

Long-term mortgage rates ticked up slightly this week as the average 30-year fixed-rate mortgage rose to 3.85 percent from 3.83 percent a week ago. Mortgage buyer Freddie Mac says the 15-year home loan, often used by homeowners who refinanced their mortgages, also rose slightly to 3.15 percent from 3.13. While near historically low, mortgage rates are higher than they are a year ago. The increase reflects in part the expectation that President Donald Trump and the Republican majority Congress will approve tax cuts that are meant to stimulate growth and…

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Sales Of New Homes Increased Despite Rising Mortgage Rates

new home sales

Americans reacted to higher home loan rates by snapping up new homes in February at the quickest pace since July. New home sales increased 6.1 percent month-over-month to an occasionally balanced yearly rate of 592,000, according to the Commerce Department. That sales pace is almost 13 percent higher than February of a year ago, a favorable indication for the housing market that demand is strong towards the beginning of the spring home buying season. An improved job growth and a recovering economy have pushed up enthusiasm for new homes, while the possibility of rising home loan rates since the November presidential race may…

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Experts Say Rising Inflation Could Impact Housing and Mortgage Markets

inflation

Mortgage giant Freddie Mac released its month to month Outlook for February 2017 which looked at the potential effect that rising inflation could have on housing and home loan markets. The outlook explains that rising inflation would significantly affect housing markets by driving home loan financing costs higher. Also, a huge tax reduction or major infrastructure bill could shock markets and cause a further increment to expansion. But what should real estate agents be on the lookout for during the spring home buying season? With higher inflation and increasing interest rate, there comes a negative effect on the…

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How Mortgage Rate Increases Could Impact NYC Real Estate

mortgage rate increases

When buying a home, affordability comes down to your monthly payments — which means mortgage rate increases can sometimes make or break a deal. After the Federal Reserve raised interest rates last month by 0.25 percent, mortgage interest rates rose to their highest level in 2016. And since the Fed has suggested it will raise rates again in 2017, many prospective buyers are bracing for mortgage rate hikes, too. As of Jan. 11, interest rates were 4.2 percent for a 30-year mortgage and 4.24 percent for a 30-year jumbo mortgage, which applies…

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