Fox Business’ Ashley Webster and Katrina Campins joins “Sabah with Maria” to break the freezing housing market in Miami, and why sellers refuse to reduce prices and what high mortgage prices mean for buyers.
Mortgage rates The mortgage buyer Freddy Mac said on Thursday, it fell again this week.
The latest survey in the mortgage market in Freddy Mac, which was released on Thursday, showed the average standard of standard A stable mortgage for 30 years It decreased to 6.26 % of last week’s reading by 6.35 %.
The average loan price for 30 years was 6.09 % per year.
A house for sale in Capitol Hill, Washington District District, on July 30, 2024. (Photographer: Tierney L. Cross / Bloomberg via Getty Images / Getty Images)
“The mortgage rates have decreased again this week, prompting many homeowners to refinance,” said Sam Khatter, the chief economist in Freddy Mac. In fact, the category of mortgage requests that have been re -funded was approximately 60 %, which is the highest since January 2022.
Only 28 % of American homes are now affected by the model American family with low purchase strength
A mark outside a house for sale in Atlanta, Georgia. (Elijah Nouvelge / Bloomberg via Getty Images / Getty Images)
Average modified on 15 years of mortgage real estate It decreased to 5.41 % of last week’s reading by 5.5 %. One year ago, the average fixed observation rate for 15 years reached 5.15 %.
The latest data from Freddie Mac comes a day after the Federal Reserve Reduce the standard interest rate by 25 basis points.
Following the Central Bank’s decision to reduce prices for the first time since December 2024, the rate of federal funds will sit with a new range from 4 % to 4.25 %. This reduction comes after the Federal Reserve has left prices unchanged in its first five meetings this year amid economic uncertainty.
Federal Reserve Chairman Jerome Powell speaks during a press conference, after issuing a statement of the Federal Open Market Committee regarding the interest rate policy in Washington, DC, on September 17, 2025. (Reuters / Elizabeth Franz / Reuters)
the Fed Point plot Other interest rates appear this year, with 25 discounts at points points in policy meetings in October and December of the Central Bank. This would leave the average federal funds with an average of 3.6 % this year, in the range of 2.9 % to 4.4 %.
Get Fox Business on the Go by clicking here
“The markets expect that the average federal funds will reach 3.0 % by mid -2016, while the federal reserve participants see that the policy is slightly exceeding 3 % until 2028,” said the chief economist in RealTor.com Jiayi Xu. “This difference can put an upward pressure on real estate mortgage rates, but at the present time, borrowers benefit with the decrease in the mortgage rate for 30 years to its lowest level in 11 months.”
Eric Rafel contributed to Fox Business in this report
https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/08/0/0/inflation-7.jpg?ve=1&tl=1
Source link