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
At Credible Operations, Inc. (NMLS No. 1681276, “Credible”), our goal is to give you the tools and confidence you need to improve your financial situation. While we promote products from partner financial institutions from whom we receive compensation for our services, all opinions are our own. We provide weekly updates on the latest trends in […]
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 […]
Private student loan interest rates drop for 10-year loans, rise for 5-year terms
At Credible Operations, Inc. (NMLS No. 1681276, hereafter referred to as “Credible”), our goal is to give you the tools and confidence you need to improve your financial situation. While we promote products from partner financial institutions from whom we receive compensation for our services, all opinions are our own. The latest private student loan […]
Florida’s state-created property insurance company voted to raise homeowners insurance rates by 14%
If approved, the proposed increases would take effect in early 2025. (iStock ) More bad news is on the way for Florida homeowners. Not only are insurance companies leaving the state, but Florida’s state-created Citizens Property Insurance is also We just voted to raise interest rates by 14%. Across the state. The insurance company’s board […]
NYC steeply drops off top 10 list of home sharing destinations for July 4 as hotel rates soar: report
New York City was reportedly dropped off the top 10 list of home-sharing destinations this Independence Day after a crackdown caused hotel prices across the city to skyrocket. of AirDNA reportNew York plummeted to 54th place, down from 10th place for the two-year period 2023 and 2022, according to the research firm, which tracks Airbnb […]
Powell: 'Quite a bit of progress' on inflation, but not enough to cut rates
Federal Reserve Chairman Jerome Powell said Tuesday that “significant progress” has been made toward stabilizing prices, but the central bank needs to see improving inflation measures before cutting interest rates to stimulate the economy. “We want to have greater confidence that inflation is declining sustainably towards 2 percent before we begin the process of easing […]
Construction Spending Slips in May Amid High Interest Rates
U.S. construction spending took a hit in May as high interest rates prompted companies and homebuilders to pull back on projects. However, government spending increased slightly from the previous month. Department of Commerce report Spending on construction projects fell 0.1% to $2.1 trillion annually on Monday, missing Wall Street expectations of a 0.2% increase. Given […]
Mortgage rates trickle down, but home prices remain high: Freddie Mac
Mortgage rates didn’t fall much this week, offering no relief to buyers. (iStock) Prospective homebuyers didn’t get much reassurance about mortgage rates this week, with the average rate on a 30-year fixed-rate mortgage barely changing at 6.86% from 6.87%. Freddie Mac is. Last year, interest rates didn’t vary much, averaging 6.71% for a 30-year mortgage […]