Homebuyers got a big boost to their purchasing power this week thanks to falling mortgage rates.
div > div.group > p:first-child"> The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending Thursday, down from last week when it averaged 4.28 percent, according to Freddie Mac. A year ago at this time, the 30-year fixed-rate mortgage averaged 4.40 percent.
Closed home sales jumped dramatically in February, compared with January but were still lower annually. Pending home sales in February, which measure signed contracts, were slightly lower monthly and nearly 5 percent lower annually. Mortgage rates in February were around 4.5 percent, lower than the 5 percent range last November, but not as low as today.Homebuyers, however, are still facing overheated home prices and low supply of homes for sale.
Lower mortgage rates certainly boost buying power, but the reasons behind lower rates, namely a weaker economy, could diminish buyer confidence. That may be part of what's behind the drop in pending sales.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly mortgage applications surge nearly 9% on lower ratesApplications to refinance jumped 12 percent for the week as homeowners rushed to take advantage of attractive rates.
Read more »
Mortgage rates plunge at the fastest pace in a decade as growth fears resurfaceRates for home loans tumbled in the wake of a more-dovish-than-expected Federal Reserve meeting which sent investors piling into bonds.
Read more »
Pending home sales drop 1% in February, despite lower mortgage ratesThe supply of homes for sale has been rising steadily, up just over 3 percent in February compared with a year ago. Home prices are still rising, but the gains have been shrinking each month for nearly a year.
Read more »
Mortgage rates just tanked thanks to the Fed – and they could go even lowerThe average rate on the popular 30-year fixed rate mortgage, which had been sitting for days at 4.40 percent, fell sharply to 4.34 percent.
Read more »
US average mortgage rates fall; 30-year at 4.28 percent
Read more »
Mortgage rates are in a free fall with no end in sightThe 30-year fixed-rate average continued its downward path, dropping to 4.31 percent.
Read more »
Mortgage rates are breaking to new lower territory, and they could stay there for monthsThe average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury. Lower rates area already igniting home buying.
Read more »
The world's biggest shipping line sees other threats to trade besides the US-China fightTrade talks between the U.S. and the European Union, as well as possibel changes in the Europe-China relationship, also pose risks, says the chief executive of A.P. Moller-Maersk.
Read more »
Socialism seen as biggest threat to Israel at AIPAC“Stop U.S. Aid for Israel’s Crimes,” said another. Hoyer’s message matched the theme of this year’s AIPAC conference—which is “Together for Good.” Later, attendees said Hoyer’s message resonated. “AIPAC is influential because Americans support Israel.”
Read more »