Mortgage rates dropped to their lowest level since October 2016 due to weaker economic data over the past week. The 30-year fixed-rate mortgage averaged 3.49% during the week ending Sept. 5, down 9 basis points from the previous week, Freddie Mac reported Thursday. Rates for 30-year home loans have only increased nine times so far this year — otherwise, they have dropped or remained flat from week to week. Mortgage rates roughly track the direction of the 10-year Treasury note. The yield on the 10-year … [Read more...]
Confidence in housing boosts Economic Sentiment Index
Consumer confidence improved over the past two weeks, according to the Microsoft News-CivicScience Economic Sentiment Index (ESI), powered by Hamilton Place Strategies. Following a drop of 1.2 points toward the end of July, the ESI increased by 0.7 points to reach 53.9. The increase was driven by a 3.1-point bump in consumer confidence in the housing market, moving the indicator up to 52.9 points – its highest level since September 2016. Three of the ESI's five indicators increased during the reading. Consumer … [Read more...]
9 housing & mortgage trends for the rest of 2019
The first half of 2019 surprised housing markets across the country: Mortgage rates fell. That’s the opposite of what the experts had predicted at the beginning of the year, and it is welcome news for home buyers, sellers and homeowners. Millions of owners could benefit from refinancing at these unexpectedly lower rates. In other ways, housing forecasters’ predictions for 2019 were correct. Buyers are still competing for a short supply of homes, but the market isn’t quite as tilted in favor of sellers as it … [Read more...]