Mortgage rates fall to 6.47%, lowest level in more than a year, as Fed cut looms
Mortgage rates fell to their lowest level in more than a year, boon to the struggling housing market. The average interest rate on a 30-year fixed-rate loan fell to 6.47% this week, down from 6.73% last week, according to a survey conducted by mortgage broker Freddie Mac. At the same time last year, the average […]
Economic turbulence ‘effectively assured’ Fed will cut interest rates in September
The Dow Jones Industrial Average fell more than 1,000 points on Monday and has been sluggish ever since. (iStock ) Surprising employment data released last week, combined with a volatile Japanese market, led to a major sell-off on Monday’s trading day, sending both the Dow Jones Industrial Average and the S&P 500 to their worst […]
Mortgage rates fall sharply to lowest level in over a year
Erin Sykes, chief economist at Nest Seekers International, opines on “The Bottom Line” that high interest rates continue to hurt the housing market. Mortgage rates plummeted to their lowest levels in more than a year this week, boosting demand in the housing market. Freddie Mac’s latest primary mortgage market survey released Thursday showed that the […]
This week’s personal loan rates fall for 3-year terms, rise for 5-year terms
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10 ways to lower your car insurance rates
Car insurance rates are rising, but your driving record has nothing to do with it. Why? It’s not you, it’s your car. We all know that automakers have been collecting data from their vehicles for years. The original intent was to use the data to identify problems. For example, they might notice that a particular […]
Mortgage rates hit lowest level in over a year: report
New data showed mortgage rates hit their lowest since April 2023 as recession fears spread to the housing market. The real estate company Redfin report The company said Thursday that mortgage rates hit a daily average of 6.34% earlier this week, citing recent weak employment data and resulting “recession fears” as the main driver for […]
Mortgage rates drop to lowest level since May 2023
Key Metrics Home purchase Applications surged last week as mortgage rates fell to their lowest levels in more than a year. Mortgage Bankers Association (MBA) Home loan application New data released Wednesday showed mortgage rates rose 6.9% in the week ending Aug. 2. At the same time, the average rate on the popular 30-year mortgage […]
UK recovery ‘will accelerate and force Bank to keep interest rates higher for longer’ | Interest rates
The UK’s economic recovery will accelerate over the next 12 months, forcing the Bank of England to keep interest rates higher for longer, according to the National Institute of Economic and Social Research (NIESR). The think tank suggested views of further rate cuts before the end of the year may be wrong, saying a gradual […]
Fed Should Cut Rates, ‘Inflation Is Down Pretty Close to Zero’
Speaking on CNN News Central on Monday, Rep. Adam Smith (D-Wash.) said the Fed needs to cut interest rates in response to the stock market crash. “Inflation is getting pretty close to zero. And now there are counter-pressures in the market and I think the Fed should and will respond,” he said. Co-host John Berman […]
Moody's analyst: Fed made mistake but won't cut rates until September
Moody’s Ratings chief economist Mark Zandi said Monday that the Federal Reserve “clearly” made a mistake by not cutting interest rates but would probably wait until its September meeting to act. “They clearly made a mistake,” Zandi said in an interview with CNN’s Jim Acosta, “and I think that’s now obvious to everybody, including them, […]