Fed’s Powell says officials won’t wait until inflation reaches 2% to cut rates
Gabriela Santos, chief market strategist at JPMorgan Asset Management, analyzes the Fed’s decision-making on “Clamant Countdown.” Chairman of the Federal Reserve System Jerome Powell The Fed chairman said Monday that policymakers are not going to wait until inflation falls to 2% before cutting interest rates. “What that means is that waiting until inflation gets down […]
Home Buyers Remain on Strike, Housing Market Still Frozen as Prices Are Too High, Mortgage Rates Still 7%
Estimated Reading Time: 2 minutes Powell to Congress: Higher rates are “the absolute best thing we can do for the housing market…” – “…particularly for younger people who are not yet in the housing market.” However we want to interpret this, it’s fascinating. Powell told Congress on Tuesday: “There’s no question that higher interest rates […]
Allstate reportedly wants to raise California homeowners rates by 34%
“Mansion Global” host Katrina Campins breaks down the housing market amid growing concerns about rising home prices on “The Big Money Show.” Allstate, one of California’s largest insurers, wants to raise homeowners premiums by an average of 34%, which could be the biggest increase this year. If approved by the state Insurance Department, the rate […]
JPMorgan CEO warns inflation and rates may stay higher for longer
JPMorgan Chase & Co. Chief Executive Jamie Dimon warned that inflation and interest rates could remain higher for longer than expected, despite the three largest U.S. banks reporting strong quarterly earnings. “While there has been some progress in reducing inflation, there are still multiple drivers of inflation, including large budget deficits, infrastructure needs, trade restructuring […]
Home prices hit another high while mortgage rates drop slightly
Mortgage rates fell from 6.95% to 6.89% last week. (iStock) Mortgage rates continue to fluctuate, declining slightly from last week when average rates were close to 7%. The average rate for a 30-year fixed-rate mortgage was 6.89% as of July 11. Freddie Mac is. Currently, interest rates on 30-year mortgages are lower than they were […]
These states have the highest foreclosure rates in the US
David Bahnsen, founder and CIO of Bahnsen Group, is examining the real estate market as young homebuyers struggle with the ongoing housing crisis. New data shows that the number of home foreclosures in the U.S. was lower in the first half of 2024 than the same period in 2023, but some states are still seeing […]
Era of near-zero interest rates likely over: Powell
Federal Reserve Chairman Jerome Powell said on Wednesday that the era of ultra-low interest rates that lasted from the 2008 financial crisis through the pandemic is likely over, and that the neutral interest rate for achieving 2% annual inflation has probably risen. Testifying before the House Financial Services Committee, Powell said the central bank’s interest […]
This week’s personal loan rates rise for 3-year loans, while 5-year rates fall
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Mortgage rates crept back up closer to 7% as home prices increase
The average interest rate on a 30-year mortgage rose to 6.95% last week. (iStock ) Mortgage rates rose sharply this week, hovering near 7%. The jump ended a string of declines this week. Rates on a 30-year fixed-rate mortgage averaged 6.95%. Freddie Mac is. “Mortgage rates rose this week, to just below 7 percent,” explained […]
The South is ranked highest for prospective homebuyers, despite high underwater mortgage rates
San Antonio and Tampa saw the largest increases in housing inventory. (iStock) Today’s home buying market is in the hands of sellers, competition remains fierce, and prices fluctuate. There are some states that are a bit more affordable than others. Zillow recently conducted a survey. Cities in Texas and Florida dominate Zillow’s top 10 best […]