The Federal Reserve is poised to cut its benchmark interest rate next month from its 23-year high, with consequences for consumers when it comes to debt, savings, auto loans and mortgages. Right now, most experts envision three quarter-point Fed cuts — in September, November and December — though even steeper rate cuts are possible. “The
The average rate on a 30-year mortgage fell this week to its lowest level in more than a year, a welcome affordability boost for prospective home shoppers and homeowners looking to refinance their home loan to a lower rate. The rate fell to 6.47% from 6.73% last week, mortgage buyer Freddie Mac said Thursday. A year ago,
We’re in some weird times. On Friday, it was a weaker-than-expected jobs report, and on Monday, there was a global stock market meltdown. The one bright spot is that weekly mortgage rates fell to their lowest level since February, so that’s good news for potential homebuyers or those who have been waiting to refinance or
The lock-in effect that has kept U.S. housing market activity subdued probably isn’t going away this year or next year or even the year after that. It could hang over prospective buyers and sellers of existing homes for six to eight years before finally going away, Bank of America warned in a note on Monday, locking