Mortgage rates top 7% for the first time since May 2024
As rates climb, more buyers are seeking riskier adjustable-rate mortgages, according to the Mortgage Bankers Association.
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As rates climb, more buyers are seeking riskier adjustable-rate mortgages, according to the Mortgage Bankers Association.
"It seems like we're trying to climb out of a hole somebody else is digging," said one frustrated house hunter as homeownership costs rise.
Mortgage rates, though still well below their level a year ago, have edged up since the Iran war erupted. Here's why.
Mortgage rates are rising as bond investors fret that rising oil prices could boost inflation.
A growing number of Americans, squeezed by inflation and elevated interest rates, face the risk of losing their home in foreclosure.
Personal finance site SmartAsset ranked these cities as the best markets for first-time buyers in terms of affordability and other factors.
The Average rate for 30-year fixed mortgage now stands at 6.44%, the lowest in 16 months, according to the Mortgage Bankers Association.
Many so-called zombie mortgages date back to the 2008 financial crisis, and consumer advocates warn a new wave of zombies could be on the horizon — this time, from all the home equity credit lines taken out during the pandemic.
Joe Don Bobbitt takes over a role vacated by former chief appraiser Jeff Law, who resigned in September following votes of no confidence from city councils in Keller, Southlake and Colleyville, and from Tarrant County Commissioners.
"Even places that historically have been affordable now need six figures," according to Redfin's chief economist.
North Texas keeps attracting people from all over the county with its jobs and lifestyle. But with higher interest rates, it has cooled the housing market some, even in red-hot North Texas.
According to Freddie Mac, interest rates are at 7.19%.
The average rate for a 30-year home loan crossed the 8% threshold this week, deepening the affordability crisis for homebuyers.
Mortgage rates continued to rise this week, with the average 30-year fixed-rate mortgage in the United States hitting 7.8% Tuesday.
As the spring homebuying season approaches, affordability is at its lowest point in history, one economist said.
Surge in borrowing costs is pushing some buyers out of the market, while sellers face a quandary.
Potential homebuyers are struggling to find homes.
