Mortgage rates
2024 - 12 - 18Why Are Mortgage Rates Acting Like a Rebellious Teenager?
mortgage rates today Bond Yields - Federal Reserve - Home Inventory - Home Sales - Housing Market - Interest Rates - Mortgage Rates - mortgage rates todayMortgage rates are climbing despite Federal Reserve cuts. What's going on? Find out why homeowners are locked in & buyers are still seeking homes!
Mortgage rates have always been a quirky beast, but their recent climb despite the Federal Reserve's rate cuts feels particularly rebellious. Just in the last week, we've seen a significant shift—the average 30-year fixed mortgage rate shot up to 6.72% even after the Fed announced cuts meant to stimulate the economy. It’s almost as if mortgage rates are saying, "Thanks, but no thanks!" to those cuts. This leaves many potential homebuyers scratching their heads, wondering why they are still facing higher costs when the financial powers that be are trying to make borrowing more accessible.
A big player in this mortgage drama is the startling statistic that about 60% of current homeowners are locked into ultra-low rates, creating a limited supply of homes on the market. Why would anyone want to move when they’re paying less than 3%? This phenomenon is leading to an absorption of inventory and driving up demand for the few houses that are available, creating a competitive environment that’s disheartening for buyers. It’s almost like being at a concert where everyone is jockeying for a spot near the front, and all you can do is hope for a miracle (or more homes to appear).
Then there’s the perplexing part: despite the Fed's repeated cuts, and expectations that this would lead to lower mortgage rates, the opposite has occurred. Investors have seemingly lost faith in the magic of the Fed's cuts, prompting an uptick in bond yields, which directly impacts mortgage costs. It’s like watching a soap opera, where just when you think the characters are coming together, a plot twist throws everything into chaos. If the mortgage rates were a character, they’d be the unpredictable one that everyone loves to hate!
As we approach the holiday season, it seems that the festive spirit isn’t shining brightly for homebuyers. The rise in mortgage rates isn’t just putting a damper on dreams of homeownership; it’s changing the landscape of the housing market. Interestingly, while these rates are climbing, existing-home sales to some extent have surprisingly rebounded. According to various reports, sales hit over 4 million in November, boosted perhaps by buyers who have begrudgingly accepted a new norm, albeit one that feels a bit like wearing flip-flops in the snow.
In fact, here’s a little fun fact: despite current high mortgage rates, housing inventory in states like New York is dropping to critically low levels, the lowest since March. This drop could push prices even higher as buyers standardize working with steeper rates! Another twist? China’s banks are also feeling the mortgage pinch, raising rates for the first time since 2021, showing that this trend is not just an American phenomenon. Talk about a global mortgage mystery!
Low mortgage rates lock in homeowners as buyers keep on looking (Marketplace.org)
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The Fed Cut Rates. Why Are Mortgage Rates Higher? (U.S News & World Report Money)
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Remarks by Federal Reserve Chairman Powell during the Q&A presser sent the 10-year yield and mortgage rates higher.
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Today's interest rate cut by the Federal Reserve isn't a cure-all for high mortgage rates.
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The Federal Reserve's recent decisions to cut its benchmark interest rates might lead many to assume that mortgage rates would also decline.
Mortgage Rates Jump Abruptly Higher After The Fed's Rate Cut (Mortgage News Daily)
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The Fed Cuts, but Weekly Mortgage Rates Rise (WFXG)
Banks don't always act the way you expect them to, and this week is an example. The Federal Reserve cut short-term interest rates on Dec. 18.
Today's Mortgage Rates by State – Dec. 18, 2024 (Investopedia)
Check our interactive map to find today's 30-year mortgage rate average for any U.S. state. Right now, New York, California, Florida, and Texas have the ...
China Banks Raise Mortgage Rates For the First Time Since 2021 (Yahoo Finance)
(Bloomberg) -- Chinese banks raised new mortgage costs for the first time in three years, as narrowing margins are dragged down by a persistent property ...
The Fed Cuts, but Weekly Mortgage Rates Rise (Nasdaq)
Banks don't always act the way you expect them to, and this week is an example. The Federal Reserve cut short-term interest rates on Dec. 18.
The Fed Cuts, but Weekly Mortgage Rates Rise (CBS19 News)
Banks don't always act the way you expect them to, and this week is an example. The Federal Reserve cut short-term interest rates on Dec. 18.
30-Year Mortgage Rates Climb Again After One-Day Pause (Investopedia)
After a brief pause Tuesday, the flagship mortgage average resumed its recent upward trend Wednesday. Most other loan types tacked on points as well.
Mortgage Rates Move Up Over the Last Week: Mortgage Interest ... (CNET)
A handful of notable mortgage rates inched up. Here's what experts say is next for the housing market this year.
Today's Mortgage Rates, December 19, 2024 | Rates Tick Up As ... (Business Insider)
These are today's mortgage and refinance rates. Fewer cuts from the Fed in 2025 mean mortgage rates may not go down as much as expected.
Today's Mortgage Rates Rise After Fed Meeting - December 19, 2024 (Norada Real Estate Investments)
Today's mortgage rates rose to 6.50% for fixed loans after the Fed's recent meeting. Understand why and how it affects buyers and homeowners.
Heading into the Holidays, Mortgage Rates Increase (GlobeNewswire)
MCLEAN, Va., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®),...
November home sales surged more than expected, boosted by ... (CNBC)
This count is based on closings, so contracts were likely signed in September and October. Mortgage rates had fallen to an 18-month low in September but then ...
US Existing-Home Sales Rise as Buyers Accept High Mortgage Rates (Yahoo Finance)
(Bloomberg) -- Existing-home sales in the US topped a rate of 4 million in November for the first time in six months as house hunters begrudgingly accept ...
New York Home Inventory Drops Amid Rising Mortgage Rates (GlobeNewswire)
ALBANY, N.Y., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Inventory of homes for sale across New York State dropped to the lowest point since March while interest...
Home Sales Keep Rising Despite High Mortgage Rates (Investopedia)
Homebuyers may not like the new normal of mortgage rates in the high 6% range, but they're getting used to it.
US mortgage rates rise after three straight weekly declines (Yahoo Finance)
U.S. mortgage rates increased this week following three straight weekly declines and could rise further after the Federal Reserve projected fewer interest ...
Mortgage rates rise, hitting demand (Fox Business)
Mortgage rates rose this week with the average 30-year fixed-rate note climbing to 6.72%, dinging demand as overall mortgage applications decreased due to a ...
Average 30-year mortgage rate snaps 3-week slide (ABC News)
The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields ...
US mortgage rates rise after three straight weekly declines (Reuters)
U.S. mortgage rates increased this week following three straight weekly declines and could rise further after the Federal Reserve projected fewer interest ...
Why did existing home sales grow with higher mortgage rates? (HousingWire)
From NAR: Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – improved 4.8% from October ...
Home sales rebound as buyers seize a dip in mortgage rates. Could ... (Morningstar.com)
Sales of previously-owned homes rose 4.8% to an annual rate of 4.15 million in November, the National Association of Realtor said. That's the highest level ...
The Fed is lowering interest rates. So why are mortgage rates going ... (USA TODAY)
The central bank has cut its benchmark interest rate three times in 2024, but mortgage rates haven't followed suit. In fact, they're higher. Why?
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