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Mortgage Rates Approach Eight Percent

October 19, 2023 by Jim Emond

October 19, 2023

Mortgage rates continued to approach eight percent this week, further impacting affordability. In this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate. With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance. Launched this week, Freddie Mac’s DPA One® tool helps lenders and homebuyers identify and take advantage of down payment assistance programs nationwide.

Not only are homebuyers feeling the impact of rising rates, but home builders are as well. Incoming data shows that the construction of new homes rebounded in September but as rates keep rising, home builders appear to be losing confidence. As a result, construction could trend down in the short-term.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

Mortgage Rates Continue to Climb

October 12, 2023 by Jim Emond

October 12, 2023
For the fifth consecutive week, mortgage rates rose as ongoing market and geopolitical uncertainty continues to increase. The good news is that the economy and incomes continue to grow at a solid pace, but the housing market remains fraught with significant affordability constraints. As a result, purchase demand remains at a three-decade low.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

Mortgage Rates Continue to Surge

October 5, 2023 by Jim Emond

October 5, 2023
Mortgage rates maintained their upward trajectory as the 10-year Treasury yield, a key benchmark, climbed. Several factors, including shifts in inflation, the job market and uncertainty around the Federal Reserve’s next move, are contributing to the highest mortgage rates in a generation. Unsurprisingly, this is pulling back homebuyer demand.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

Mortgage Rates Reach Highest Level in Almost 23 Years

September 28, 2023 by Jim Emond

September 28, 2023
The 30-year fixed-rate mortgage has hit the highest level since the year 2000. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

August Monthly Skinny Video

September 28, 2023 by Jim Emond

Filed Under: Monthly Skinny Video

Mortgage Rates Remain Flat, Lingering Above Seven Percent

September 21, 2023 by Jim Emond

September 21, 2023
Mortgage rates continue to linger above seven percent as the Federal Reserve paused their interest rate hikes. Given these high rates, housing demand is cooling off and now homebuilders are feeling the effect. Builder sentiment declined for the first time in several months and construction levels have dipped to a three-year low, which could have an impact on the already low housing supply.

Information provided by Freddie Mac.

Filed Under: Monthly Skinny Video

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