Affordability remains a barrier after the pandemic-era boom as home prices continue to rise and mortgage rates stay high.
These are today's mortgage and refinance rates. Cooler inflation helped mortgage rates tick down this week, but it's unclear if they'll drop further.
After hitting a new 5-month peak at the start of the week, 30-year refi rates have dipped every day since. Rates moved lower for almost every other refi loan type as well.
Inflation is still there, according to the December Consumer Price Index (CPI) report, with the annual rate marginally increasing to 2.9%. With economic uncertainty looming, concerns have been raised regarding the Federal Reserve’s interest rate policy as core inflation,
The U.S. Federal Reserve will hold interest rates steady on Jan. 29 and resume cutting in March, according to a slim majority of economists polled by Reuters, as policymakers digest an expected barrage of new economic policies from Washington.
After hitting a new 5-month peak at the start of the week, 30-year refi rates dipped 11 points in two days. Other refi loan types saw mixed movement.
These are today's mortgage and refinance rates. Mortgage rates have increased this month, and it's unclear if they'll drop much this year.
Aside from typical day-to-day fluctuations, mortgage rates are expected to stay above 6.5% for the next few months. If inflation continues to cool and the Fed is able to carry out two 0.25% cuts, mortgage rates could inch down closer to 6.25% later in the year.
These are today's mortgage and refinance rates. The economy has remained strong in recent months, keeping mortgage rates elevated.
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