As the U.S. reaches its peak homebuying season, mortgage rates continue to ease week over week. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conforming loans at 7.45% on Tuesday, below the rate of 7.51% one week ago. At the same time one year ago, the average rate was 6.54%.The 15-year conforming
Brenda Edwards considers the four bedroom ranch-style house where she has lived for 20 years her forever home. It’s where the 70-year-old retired nurse and her 79-year-old husband want to stay as their mobility becomes more limited. So she hired an interior designer for $20,000 and spent another $95,000 to retrofit their house in Oakdale, California. She had the
The all-cash deal is back in vogue for homebuyers, a shift that favors the wealthy. Luxury housing markets in New York and Florida are boasting near record-high shares of transactions paid in cash, according to first quarter data from real estate appraisal and consulting firm Miller Samuel Inc. That represents a sharp reversal from more
Uninsured residential mortgage portfolio reaches record $1 billion TORONTO, May 6, 2024 /CNW/ – MCAN Mortgage Corporation d/b/a MCAN Financial Group (“MCAN”, the “Company” or “we”) (TSX: MKP) reported net income of $23.2 million ($0.65 earnings per share) for the first quarter of 2024, relatively consistent with net income of $23.3 million ($0.67 earnings per share) in
Mortgage rates will probably remain above 7% in May as inflation resists the Federal Reserve’s efforts to bring it under control. It left rates unchanged at the conclusion of its April 30-May 1 meeting, and seemed as frustrated by inflation and high interest rates as home buyers are. The Fed is trying to wrestle the
Mortgage rates increased again this week, and they should stay elevated until inflation slows and the Federal Reserve lowers the federal funds rate. At its May 1 meeting, the Fed announced it is keeping the federal funds rate unchanged rather than cutting it. At the end of 2023, many people expected the Fed to drop
With around seventy years of joint experience in the property market, estate agents Keith Trigg and Simon Meek are behind our Isle of Wight County Press Property Clinic. This month, they ask if Spring really has sprung for the Island’s property market? I am sure we all agree Spring is a magical time: Leaves on the
New data from Freddie Mac reports a fifth straight rise in weekly average 30-year and 15-year fixed mortgage rates, while daily rates appear to have calmed after this week’s news of a Fed rate pause as of Friday, May 3, 2024. The current average rate for a 30-year fixed mortgage is 7.36% for both purchase
April mortgage rate forecast Mortgage rates shouldn’t change much in April, as inflation remains stubbornly elevated. The inflation rate has been falling since October 2022, but progress has felt as maddeningly slow as the driver who doesn’t notice when the light turns green. Inflation’s decline is likely to continue its glacial pace in April. Mortgage