After a massive 58% weekly surge in refinance demand the week before, mortgage demand stalled again last week, even though interest rates fell further. Total application volume rose 0.6% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming…
Torsten Asmus | Istock | Getty Images Longer-term Treasury yields jumped this week, flying in the face of the Federal Reserve’s interest rate cut, as bond investors didn’t get the assurances they sought. The 10-year Treasury yield jumped as high as 4.145% after briefly falling below 4% this week. The 30-year Treasury yield — closely…
A sign is posted in front of a home for sale in San Rafael, California, on Aug. 7, 2024. Justin Sullivan | Getty Images Mortgage rates last week dropped to the lowest level since October of last year. That caused a massive run on refinances, as consumers seek more savings in an uncertain economy. Applications…
The average rate on the 30-year fixed mortgage notched its biggest one-day drop in more than a year on Friday. Although mortgage rates are now at their lowest level since October, the average rate for a 30-year, fixed-rate mortgage is still just around 6.29%, according to Mortgage News Daily — a big leap from the under…
The average rate on the 30-year fixed mortgage dropped 16 basis points to 6.29% on Friday, according to Mortgage News Daily, following the release of a weaker-than-expected August employment report. It marks the lowest rate since Oct. 3 and the biggest one-day drop since August 2024. Rates are finally breaking out of the high 6%…
Former Federal Reserve Governor Adriana Kugler’s abrupt resignation from the board on Aug. 1 – and her unexplained absence at a key meeting two days earlier – left the financial community shocked and confused. Nominated by Democratic former President Joe Biden to fill a surprise vacancy on the Fed board and confirmed in 2023, Kugler’s…
President Donald Trump said Friday he will fire Federal Reserve Governor Lisa Cook if she does not resign from her position. “What she did was bad,” the president told reporters who asked about Cook, an appointee of former President Joe Biden who has come under fire from the Trump administration over allegations about her mortgages….
A “For Sale” sign outside a house in the Capitol Hill neighborhood of Washington, DC, US, on Tuesday, Aug. 12, 2025. Al Drago | Bloomberg | Getty Images Sales of previously owned homes rose 2% in July compared with June to 4.01 million units, on a seasonally adjusted, annualized basis, according to the National Association…
Lorene Cowan, 44, thought she would own a home by now. However, in New York City, where Cowan lives and works, home prices have soared beyond reach. “I would love to buy a home. That’s the next step,” said Cowan, a business and life coach. But “in New York, the entry in became so much…
An aerial view shows a subdivision that has replaced the once rural landscape in Hawthorn Woods, Illinois. Scott Olson | Getty Images Homeowners are clearly looking for savings, even if it means taking on a riskier mortgage. Refinance demand, along with renewed demand for adjustable-rate loans, drove a sharp increase in overall applications last week….
