A sign is posted in front of a home for sale on May 11, 2023 in San Francisco, California. Justin Sullivan | Getty Images Mortgage rates have seen a decline from their recent highs, but the demand for mortgages has dropped for the fourth consecutive week. According to the seasonally adjusted index of the Mortgage …
The average mortgage debt in the UK currently exceeds £127,000, while the size of new mortgages taken out this year has reached an average of £184,000. Fortunately, the crisis is anticipated to impact a smaller percentage of the population compared to previous financial crunches due to the declining number of UK residents with mortgages. In …
According to a report by Moody’s Investor Service, the UK housing market (Aa3 negative) will experience a correction due to persistently high inflation and the recent spike in lending rates. HSBC, the largest bank in the UK, temporarily withdrew mortgage deals through broker services in response to the ripple effect of higher interest rates on …
After more than a year of consistently increasing rates, the Federal Reserve decided to maintain its target federal funds rate on Wednesday. However, this offers little relief for households who continue to face high borrowing costs. Economist Tomas Philipson predicts that rates will not decrease and, in fact, borrowing costs are likely to climb even …
A “For Sale” sign outside a house in Albany, 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. Joe Raedle | Bloomberg | Getty Images Mortgage rates experienced a second consecutive week of decline, prompting both current …
Canadian homeowners dealing with mounting debt and rising mortgage costs due to increasing interest rates may want to consider refinancing their loans, according to mortgage and real estate expert Victor Tran. Refinancing provides a chance to change the interest rate and amortization, while also giving homeowners access to the equity they’ve built up in their …
Last week, homeowners looking to refinance received some good news as mortgage rates slightly decreased following the Federal Reserve Chairman’s indication of a potential end to interest rate hikes. Although not a significant drop, the dip was sufficient to see a boost in demand for refinancing. The Mortgage Bankers Association’s weekly survey reported that the …
Builders are finding success in an unusual way during the current housing market downturn. With a lack of existing homes available for purchase, newly-built homes are becoming increasingly important. This has caused new home prices to rise since many homeowners are opting to stay put rather than trading up to a new home at a …
Contractors are hard at work on the concrete slabs at the Cielo at Sand Creek housing development in Antioch, California. However, on Tuesday, the average rate on a 30-year fixed mortgage rose above 7%, marking the highest level since early March, according to Mortgage News Daily. There are several reasons behind this rise in rates, …
Last week, the fear of the Federal Reserve’s reluctance to lower interest rates due to stronger economic data led to a surge in mortgage rates. This, in turn, resulted in a drop in mortgage demand to the lowest level since February’s end. According to the Mortgage Bankers Association, the average contract interest rate for 30-year …