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30-year new purchase mortgage rates fell to an average rate of 6.76% on Thursday after hitting a 3-month high the previous day. Mortgage rates have risen steadily over the past five days. Other new mortgage rates were mixed on Thursday, with some average rates hitting their highest levels since the summer.
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Because interest rates vary widely between lenders, no matter what type of home loan you want, it’s wise to shop around and regularly compare the mortgage rates that are best for you.
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Rates on new 30-year mortgages fell 1 basis point on Thursday, with the average rate falling to 6.76%. The average rate on Wednesday was 6.77%, the highest rate since July 25. Rates are now about 90 basis points above the Sept. 17 low of 5.89%, a two-year low.
30-year mortgage rates remain below July’s peak of 7.08%. That’s about 1.25 percentage points below the 23-year all-time high of 8.01% reached last October.
15-year mortgage rates rose by 1 basis point on Thursday, with an average rate of 5.92%. This is the highest average since July 22. Like the 30-year rate, the 15-year average hit a two-year low in September, falling to 4.97%. Still, the current 15-year rate is about 1.20 percentage points below last fall’s all-time high of 7.08% (highest average since 2000).
30-year benchmark rates also hit recent highs, rising 3 basis points on Thursday to average 6.83%, the highest level since early August. On September 18, the yield on 30-year government bonds was 6.24%, the lowest level since February 2023. Although there are no daily historical Jumbo rates published prior to 2009, the 8.14% peak seen last fall is estimated to be the most expensive Jumbo 30. – Annual average over 20 years.
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Every Thursday, government-sponsored mortgage buyer Freddie Mac releases its weekly average of 30-year mortgage rates. This week’s reading rose an additional 10 basis points to 6.54%, compared to a reading of 6.08% four weeks ago, the lowest average since September 2022. Last October, Freddie Mac’s average yield reached 7.79%, which is a record high in 23 years.
Combined with the average of the exchange rates of the previous five days. In comparison, our 30-year average of daily readings provides a more accurate and timely indication of interest rate movements. Furthermore, the criteria for loan inclusion (eg, down payment amount, creditworthiness, inclusion of discount points) differ between Freddie Mac’s methodology and our own methodology.
The rates we publish do not directly match the view rates you see online, as these rates are carefully selected and represent an average of what you see here. Teased rates can be based on prepaid points or for hypothetical borrowers with super high credit scores or lower-than-usual loans. The interest rate you end up getting depends on your credit score, income, and more, so it may differ from the average you see here.
Any number of these factors can cause simultaneous fluctuations, and it is often difficult to attribute changes to any one factor.
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Macroeconomic factors kept the mortgage market bearish for most of 2021. In particular, the Fed bought billions of dollars in bonds to combat the financial stress of the pandemic. This bond buying process affects mortgage interest rates.
But starting in November 2021, the Fed began reducing the size of its bond purchases, reducing them significantly each month until it reached net zero purchases in March 2022.
Between then and July 2023, the Fed raised the federal funds rate significantly in response to decades of high inflation. Although the federal funds rate can affect mortgage rates, it does not do so directly. In fact, federal funds rates and mortgage rates can move in opposite directions.
But the historic pace and scale of the Fed’s rate hikes in 2022 and 2023 – raising the benchmark rate by 5.25 percentage points over 16 months – even the indirect effect of the federal funds rate has had a significant impact on mortgage rates over the past two periods. .Had a huge upward impact. Year
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The federal funds rate remained at a nearly 14-month high since July 2023. However, the central bank announced its first rate cut on September 18, with successive rate cuts expected in 2024 and 2025. The first reduction was 0.50 percentage points.
The above national and state averages provided by the Zillow Mortgage API have a loan-to-value (LTV) rate of 80% (implying a minimum 20% down payment) and an applicant credit score range of 680-739. The resulting interest rate is an indication of the interest rate a borrower can expect when receiving an offer from a lender based on his or her qualifications, which may differ from the advertised teaser rate. © Zillow, Inc., 2024.
Authors must use primary sources to support their work. These include white papers, government data, original reports and interviews with industry experts. We also refer to original research from other reputable publishers where appropriate. You can learn more about the standards we follow for creating accurate, unbiased content in our editorial policy. Written by Wolf Richter for Wolf Street.
The brief period of rate-cutting mania is now behind us. Today’s S&P CoreLogic Case-Shiller Home Price Index (called “February”) is a three-month moving average of home prices entered into public records in December, January and February. Today’s data thus reflects the rate-cutting frenzy that lasted from early November until February 13, when the consumer price index made it brutally clear that inflation was back at its worst levels.
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During the rate-cutting frenzy, the average 30-year fixed mortgage rate fell from 7.8% in late October to 6.6% on February 13. Then the CPI report halted much of the rate cut and mortgage rates started to rise again. Fed leaders nervously patiently explained that the market was tracking six rate cuts. 2024 is an illusion. Since then, inflation has worsened every month. Hopes for a rate cut in 2024 have dwindled little by little, and there is already a situation where there will be no rate cut in 2024.
Mortgage News Daily raised its daily measure of 30-year fixed mortgage rates to 7.51% today. Freddie Mac’s weekly yield rose to 7.17% last week. Here’s what the Case-Shiller Home Price Index Blue Box is reporting today:
0.4% higher than June 2022. Today, the Case-Shiller index of home prices for the 20 metropolitan areas it covers rose 0.9% in the December-February November-January period, setting a new high of 0.4% in compared to June 2022. The index increased by 7.3% compared to the lowest value a year ago:
Looking long-term for 20 cities, the index records an incredible jump to June 2022, the strangest non-seasonal double top in the history of the index, with the first peak in June 2022 and 2023. The peak for the second time in October, and now the theme of interest rate cut mania:
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Prices are below their 2022 peak in seven of the 20 cities in the Case-Shiller index. Two cities on this list fell off the list below their 2022 peaks as they were slightly above their 2022 peaks: San Diego, 0.1% above their May 2022 peak; and Los Angeles, 0.7% more than in May 2022.
The list shows 7 of the 20 cities with indices below their peaks in 2022 (best month):
Month-over-month: Tampa and Cleveland were the only two-month decliners among the 20 cities in the index. Miami is almost the same month.
The remaining cities recorded quarterly growth, some with larger increases. The largest monthly increase was recorded in Seattle (+2.3%), which was 10.6% below the May 2022 peak.
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San Francisco Bay Area Single Family Homes: The Case-Shiller index covers a five-county portion of the nine Bay Area counties in the San Francisco metropolitan area (San Francisco, San Mateo, Contra Costa, Alameda and Marin).
San Francisco Bay Area Apartments: Apartments are an important part of the Bay Area market. Only in San Francisco do they dominate the market (data from five Bay Area counties).
To qualify as “the most exciting real estate bubble,” a metropolitan area must have experienced real estate price inflation of at least 180% since 2000. The index for the year 2000 is set at 100. 429 Today’s value of the Miami index has increased by 329% since 2000, making Miami
The remaining six of the 20 metros in the Case-Shiller index (Chicago, Charlotte, Minneapolis, Atlanta, Detroit and Cleveland) have had home price inflation below 180% since 2000, even though home prices have been rising steadily.
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Chicago’s index value is 198, up 98% since 2000, so it’s still far from the “most exciting housing bubble” list. But since March 2020, home prices are up 37%, and here’s Chicago:
Methodology. The Case-Shiller index uses a “sales pair” approach that compares the same home sold in the current month to homes sold in the past. Price changes depend on the duration
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