Higher-than-expected inflation data is expected to push borrowing costs up during the busy homebuying season.Mortgage rates are inching toward 7% after new data this week revealed a sensitive economy still coping with stubbornly high inflation. The 30-year fixed-rate mortgage now averages 6.88%, Freddie Mac reports.“If one were to shake a Magic 8 Ball, the answer to the question of ‘where are mortgage interest rates going to be in the next mo
The consumer price index accelerated at a faster-than-expected pace in March, pushing inflation higher and likely dashing hopes that the Federal Reserve will be able to cut interest rates anytime soon.The CPI, a broad measure of goods and services costs across the economy, rose 0.4% for the month, putting the 12-month inflation rate at 3.5%, or 0.3 percentage point higher than in February, the Labor De
Bond market investors who fund most mortgage loans are increasingly convinced the latest inflation numbers mean the Federal Reserve won't cut rates in June With would-be homebuyers already in retreat, mortgage rates soared to new 2024 highs Wednesday after yet another discouraging inflation report pushed the prospect of Federal Reserve interest rate cuts further into the future.Applications for purchase loans were down by a seasonally adjusted 5
United States property investors are putting the pedal to the metal and feeling optimistic despite a turbulent housing market United States property investors are putting the pedal to the metal and feeling optimistic despite a turbulent housing market, according to a pair of reports.The share of homes purchased by investors reached a new high in the fourth quarter of 2023, and investor sentiment remains relatively high heading into the
U.S. prices moderated in February, with the cost of services outside housing and energy slowing significantly, keeping a June interest rate cut from the Federal Reserve on the table.The report from the Commerce Department on Friday also showed consumer spending rising by the most in just over a year last month, underscoring the economy's resilience. The United States continues to outperform its global peers despite higher borrowing costs, thanks
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Mortgage rates moved down a bit this week, in line with the benchmark 10-year Treasury, as the markets continue to digest comments from Federal Reserve members.The 30-year fixed loan averaged 6.79% as of Thursday morning, down 8 basis points from the previous week's 6.87%, according to the Freddie Mac Primary Mortgage Market Survey. For the same period last year, the average was 6.32%.Meanwhile the 15-year FRM averaged 6.11%, down from
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