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The 30-year fixed mortgage rate hit 6.83% yesterday, the highest in nearly a year, as three Fed officials dissented in favor of a rate hike and the 10-year Treasury yield surged to 4.74%.
The FDIC and OCC unveiled a plan Friday to overhaul the Community Reinvestment Act, excluding the Federal Reserve and tightening rules on how banks earn credit for affordable housing investments—changes advocates warn could slash funding to underserved communities.
The average 30-year fixed mortgage rate climbed to 6.66% this week, the highest level in 12 months, as ongoing fighting in Iran pushes Treasury yields higher and stokes concerns about persistent inflation.
The Federal Reserve kept its key rate at 3.5%-3.75% yesterday, but three policymakers broke ranks to demand a hike—the most dissent in nearly a decade. Mortgage rates remain elevated as inflation concerns linger.
The S&P Case-Shiller Index shows U.S. home prices up just 1.1% year-over-year in May, but with inflation at 4.2%, homeowners lost purchasing power for the 12th consecutive month.
Mortgage rates delivered conflicting signals to borrowers this week, with different lenders reporting opposite movements as the Federal Reserve prepares to meet on rate policy.
Markets now see a one-in-three chance the Federal Reserve will raise rates this week as oil prices surge and Chair Warsh signals unwavering commitment to controlling inflation.
The 30-year fixed mortgage rate climbed to 6.58% this week, the highest level in nearly a year, driven by surging oil prices and renewed inflation concerns just as the Federal Reserve prepares to meet.
Texas Lt. Gov. Dan Patrick is pushing to lower the age for senior property tax breaks from 65 to 55, a proposal that could freeze school taxes for 3.3 million more homeowners and save them thousands over a decade.
Improved mortgage spreads kept rates under 7% this week even as Treasury yields climbed, while purchase applications edged up 0.2% year-over-year and pending sales remained nearly flat.