Tag Archives: Rates

Redfin: Mortgage Rates COLLAPSE | Housing Market

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Mortgage demand declines further, even as interest rates drop a bit

A prospective home buyer is shown a home by a real estate agent in Coral Gables, Florida. Joe Raedle | Getty Images Mortgage demand edged lower for the fourth straight week, according to data released Wednesday, even though interest rates have fallen from their recent highs. Total volume was down 1.8% last week from the […]

Can lower mortgage rates stop the housing recession? Let’s look at the last two times this happened

To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. In less than a year, we went from 2.78% on the 30-year fixed to as high as 6.28%, then recently got as low as 5% — only to have another move higher this week to 5.30%. People thought the mortgage rate drama in 2013-2014 was […]

Most fixes see average rates rise this week, says Moneyfacts

The average rate for a two-year fix increased by 6 basis points to 3.99%, for a three-year fix the average rate moved up by 15 basis points to 4.42%, and for a five-year fix, a 7 basis point rise left the average rate at 4.14%. Meanwhile, the average rate for a 10-year fix refused to […]

NAB, MyState Bank hike rates

NAB and MyState Bank have announced that they will be passing on the full Reserve Bank hike to variable mortgages. The announcements come following the central bank’s decision to increase the OCR from 1.35% to 1.85% during its August meeting as it attempts to rein in rising inflation. NAB variable home loan rates […]

BOE raises interest rates to 1.75%

This is the highest rate rise since 1995, and the greatest increase since the central bank was given control of the crucial decision. The move aims to help counter rising inflation, which the BOE predicts will hit 11% before year end. It stood at 9.4% in June. This is the sixth time the Bank’s Monetary […]

ANZ, Westpac lift interest rates

Three of the big four banks have now lifted their variable interest rates on home loans following the RBA board’s decision to lift the official cash rate on Tuesday. On Thursday afternoon, Westpac joined ANZ and CBA in mirroring the RBA’s 50-basis point hike  by passing that same increase onto its customers.  ANZ will increase all […]

Is this the saving grace amid rising mortgage rates?

The most popular version emerging is the 2-1 iteration: “In a 2-1 buydown, the interest rate would be reduced 2% in the first year of the note and 1% in the second year,” Idziak said. “So how does that work? The seller basically puts a certain amount of money that’s based on the lender requirements […]

Pending home sales fell 20% in June as mortgage rates soared

A “Sale Pending” sign outside a house in Discovery Bay, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Signed contracts to purchase existing homes dropped 20% in June compared with the same month a year ago, the National Association of Realtors said Wednesday. That is the slowest pace since […]

Mortgage rates fall sharply after negative GDP report and Fed’s latest hike

Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower. The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday […]