The Federal Reserve raised its target federal funds rate by a half point at the end of its two-day meeting Wednesday, notching the largest increase in the benchmark in more than 20 years. “The Federal Reserve is behind the curve,” said Greg McBride, chief financial analyst at Bankrate.com. “They have to raise interest rates a lot […]
Tag Archives: Economic events
05
May
May
Tim Kitchen | The Image Bank | Getty Images It’s becoming harder to afford a home. Prices are up almost 20% year over year, and mortgage rates are soaring. The rate for a 30-year fixed loan is now 5.57%, according to Mortgage News Daily, up from 3.29% at the start of the year. At the […]
03
May
May
Consumers are spending more to keep up with the surging cost of living, and it may get worse before it gets better. “Even though wage growth has been the best in decades, it’s been outpaced by increased household costs,” said Greg McBride, chief financial analyst at Bankrate.com. “With inflation at a 40-year high, that has […]
22
Apr
Apr
A contractor uses a hammer while working on townhouse under construction at the PulteGroup Metro housing development in Milpitas, California. David Paul Morris | Bloomberg | Getty Images Sharply rising mortgage rates are taking their toll on the nation’s homebuilders, as already pricey new construction becomes even less affordable. Builder confidence in the market for […]
16
Apr
Apr
Peopleimages | Istock | Getty Images In just a matter of months, mortgage rates have surged from just over 3% for a 30-year fixed loan to just north of 5%. As potential homebuyers follow those figures, t. is one thing they may be overlooking: their credit score. The three-digit number has a big impact on […]
01
Apr
Apr
For most Americans, the surging cost of living is weighing heavily on their wallets. “Wage growth has failed to match the dizzying pace of rising prices, which the Federal Reserve has effectively identified as ‘monetary policy enemy No. 1,’” said Mark Hamrick, senior economic analyst at Bankrate.com. After the Fed raised interest rates for the first time […]
30
Mar
Mar
Sturti | E+ | Getty Images When it comes down to the numbers, it’s generally more affordable to own a home, but the gap in affordability is shrinking as interest rates rise, according to ATTOM, a real estate data tracker. Owning the median-priced home is more affordable than the average rent on a three-bedroom home […]
16
Mar
Mar
The Federal Reserve raised its target federal funds rate by a quarter percentage point from near zero at the end of its two-day meeting Wednesday. The first increase in the benchmark rate in three years will lay the groundwork for six more hikes by year’s end. “The war in Eastern Europe gives the Fed reason to act more cautiously, but […]