By Rishav Chatterjee (Reuters) – Commonwealth Bank of Australia, the country’s biggest lender, cut interest rates for some of its home loan products for new customers on Friday, stoking fears of spurring intense competition in the local mortgage market. CBA shares, which fell as much as 0.5% earlier in the day, reversed losses and ended
Active listings explode in the metros of Tampa, Orlando, San Diego, Denver, Seattle, and others. By Wolf Richter for WOLF STREET. Despite the drop in mortgage rates – to 6.5% in the latest reporting week – and the surge in inventories as vacant homes for sale are coming out of the woodwork, sales of existing homes have been
Mortgage rates edged down this week, with the average rate for a 30-year fixed-rate mortgage hovering around 6.46%, according to Freddie Mac’s Primary Mortgage Market Survey. Last week the average was around 6.49%. A year ago at this time, the average rate for a 30-year was 7.23%. “Although mortgage rates
Conference season is now year-round for most industries, but Fall is most important in the mortgage sector. It’s when most banks and lenders make financial plans for the new year, and Fall 2024 will be the most consequential in years for 4 reasons. Here’s a rundown along with a rundown of Fall’s first big conference,
The month of July saw U.S. home sales break a four-month slide while mortgage rates throughout the country have begun to ease. On Thursday, data from the National Association of Realtors showed that existing home sales increased by 1.3 percent in July when compared to the previous month. The seasonly adjusted annual rate of home
The Federal Housing Finance Agency (FHFA) on Wednesday updated its capital requirements for private mortgage insurers and allowed rules established during the COVID-19 pandemic to sunset. Companies will have two years to fully implement the changes. The U.S. Mortgage Insurers (USMI) commended the updates to the Private Mortgage Insurer Eligibility Requirements (PMIERs), the financial and
Photo by: Jim Lane/Education Images/Universal Images Group via Getty Images For a 30-year fixed-rate mortgage, the average rate you’ll pay is 6.52% today, a decrease of -0.03% over the last week. The average rate for a 15-year fixed mortgage is 5.88%, which is a decrease of -0.04% from the same time last week. For a
San Mateo and Santa Clara are the only two counties in California where the median home price has surpassed $2 million, according to data from the California Association of Realtors . Photo courtesy Getty Images. The Midpeninsula is home to California’s highest home prices. San Mateo and Santa Clara counties are the only ones in
While mortgage arrears fell month-to-month in July, servicers did have to contend with a local uptick from Hurricane Beryl and manage heightened prepayment risk during the month, according to Intercontinental Exchange. The delinquency rate fell 12 basis points to 3.37%, erasing only around one-fourth of the previous month’s gain with the storm adding an estimated
People are waiting for rates and prices to drop, while supply keeps rising. By Wolf Richter for WOLF STREET. Mortgage rates dropped to 6.50%, the lowest since May 2023, according to the Mortgage Bankers Association today. But instead of re-igniting demand for homes from buyers who need mortgages, these dropping rates have caused potential buyers to wait for