Mortgage rates remained stalled a little under 7% this week. Meanwhile, the Federal Reserve left short-term interest rates unchanged today as the central bank waits to find out how higher tariffs will affect the economy. The average rate on a 30-year fixed-rate mortgage rose six basis points to 6.93% in the week ending May 7,
There’s nothing like a Fed announcement day to get almost every media outlet to run headlines that attempt to tie the day’s market movement to the Fed’s rate decision. The problem in today’s case is that there wasn’t even anything remotely resembling a decision, nor did anyone expect there to be. Markets were effectively betting
Loan Type New Purchase Rates Daily Change 30-Year Fixed 6.97% -0.03 FHA 30-Year Fixed 7.37% -0.08 VA 30-Year Fixed 6.60% -0.01 20-Year Fixed 6.75% -0.05 15-Year Fixed 6.00% -0.03 FHA 15-Year Fixed 6.78% -0.04 10-Year Fixed 5.86% +0.12 7/6 ARM 7.36% +0.01 5/6 ARM 7.23% -0.01 Jumbo 30-Year Fixed 6.94% -0.01 Jumbo 15-Year Fixed 6.93%
We’re working from a record low bar Over the past two years, my theme has been: the bar for purchase apps is so low that we can trip over it. Also, millions of people buy homes each year —regardless of what is happening in the economy. Despite facing significant challenges in the 2008 housing crisis,
Mortgage rates are edging upward again, adding pressure for homebuyers navigating a difficult spring market. Economic uncertainty, inflation concerns, and trade tensions are keeping rates volatile—and today’s numbers reflect that. According to the latest data: 30-year fixed-rate mortgage: 6.83% (up 0.01% from last week) 15-year fixed-rate mortgage: 6.02% (down 0.01% from last week) 5/1 adjustable-rate
Danique Service- Smikle, business relationship manager at JN Bank, speaking at a recent workshop at the JN Group’s Corporate Offices in New Kingston. . AFTER weeks of paperwork, credit checks, and income verification, receiving a mortgage pre-approval often feels like crossing the finishing line. However, a mortgage expert has cautioned that this sense of security
Many 2025 housing market forecasts were hopeful that lower rates would’ve arrived by now to accompany the typical peak of the spring purchase season. But economic uncertainty sparked by President Donald Trump’s global tariff policies and resulting fears of rising inflation have kept rates near 7% for much of the year. Fed effects The Federal
The states with the cheapest 30-year new purchase mortgage rates Monday were New York, California, Florida, Missouri, Texas, Washington, and North Carolina. The seven states registered averages between 6.77% and 6.98%. Meanwhile, the states with the highest Monday rates were Alaska, West Virginia, Maine, Rhode Island, Washington, D.C., and South Dakota, followed by a large
Refinance rates moved higher again as of May 6, 2025, according to the latest data from the Mortgage Research Center. The 30-year fixed refinance rate rose to 6.92%, while the 15-year fixed rate dropped slightly to 5.76%. 30-year fixed refinance rates move up The average 30-year fixed-rate refinance hit 6.92%, up from 6.10% a week
This is according to HECM endorsement data compiled by Reverse Market Insight (RMI), and HMBS issuance data from Ginnie Mae and private sources compiled by New View Advisors. HECM endorsements, HUD data Jon McCue, RMI’s director of client relations, told HousingWire’s Reverse Mortgage Daily (RMD) that rate movements are the likely culprit behind last month’s