Latest news with #SamKhater
Business Times
3 days ago
- Business
- Business Times
US mortgage rates fall for a third week, hitting lowest since April
[BOSTON] Mortgage rates in the US fell for the third week in a row, hitting the lowest level since April. The average for 30-year, fixed loans was 6.63 per cent, down from 6.72 per cent last week, Freddie Mac said. Borrowing costs followed 10-year Treasury yields, which slipped after last week's unexpectedly weak jobs report bolstered bets that the Federal Reserve will cut interest rates soon. Any sign of a faltering economy may keep anxious house hunters on the sidelines, but mortgages pulling further away from 7 per cent could potentially draw some interest. 'The decline in rates increases prospective homebuyers' purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders,' Sam Khater, Freddie Mac's chief economist, said. A handful of spots around the country have gotten slightly more affordable, according to a report by Redfin. In June, the income needed to buy a typical home declined from a year earlier in 11 of the 50 most populous US metro areas, the brokerage said. The majority are in Sun Belt states where prices soared during the pandemic and are now coming back down to earth as inventory piles up. 'Buyers are battling affordability and they see a lot of listings sitting on the market, so they are asking for major concessions,' said Katie Shook, a Redfin agent in Phoenix. That city has been 'in a buyer's market for the past eight months', she said. BLOOMBERG
Yahoo
4 days ago
- Business
- Yahoo
Mortgage rates dip near 2025 lows after weak jobs data
Mortgage rates dropped sharply this week after a weak July jobs report and steep downward revisions to prior months stoked fresh concerns about the health of the economy. The 30-year fixed mortgage rate was 6.63% through the week ending Wednesday, a 9 basis-point drop from 6.72% a week earlier. Meanwhile, the average 15-year fixed mortgage rate was 5.75%, down from 5.85% a week earlier. 'The 30-year fixed-rate mortgage dropped to its lowest level since April,' Sam Khater, Freddie Mac's chief economist, said in a statement. 'The decline in rates increases prospective homebuyers' purchasing power.' 10-year Treasury yields, which mortgage rates closely track, plunged 16 basis points to 4.22% on Friday after new data showed the US added just 73,000 jobs in July, and a quarter million fewer jobs in May and June than previously reported. Amid fresh signs of labor market weakness, traders now see a 91% chance of the Federal Reserve cutting rates in September, according to CME FedWatch. Mortgage rates don't move in lockstep with benchmark interest rates, but they do move in response to expectations about future interest rate policy. Mortgage activity ticked up last week in response to lower rates. Applications to purchase a home were up 2% through Friday, according to the Mortgage Bankers Association. Refinancing applications jumped by 5% and were 18% higher than this time last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
4 days ago
- Business
- Globe and Mail
Mortgage Rates Continue to Decrease
MCLEAN, Va., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey ® (PMMS ®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.63%. 'The 30-year fixed-rate mortgage dropped to its lowest level since April,' said Sam Khater, Freddie Mac's Chief Economist. 'The decline in rates increases prospective homebuyers' purchasing power and our research shows that buyers can save thousands by getting quotes from a few different lenders.' News Facts The 30-year FRM averaged 6.63% as of August 7, 2025, down from last week when it averaged 6.72%. A year ago at this time, the 30-year FRM averaged 6.47%. The 15-year FRM averaged 5.75%, down from last week when it averaged 5.85%. A year ago at this time, the 15-year FRM averaged 5.63%. The PMMS ® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20% down and have excellent credit. For more information, view our Frequently Asked Questions. Freddie Mac's mission is to make home possible for families across the nation. We promote liquidity, stability and affordability in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website | Consumers | X | LinkedIn | Facebook | Instagram | YouTube
Yahoo
4 days ago
- Business
- Yahoo
Mortgage rates dip near 2025 lows after weak jobs data
Mortgage rates dropped sharply this week after a weak July jobs report and steep downward revisions to prior months stoked fresh concerns about the health of the economy. The 30-year fixed mortgage rate was 6.63% through the week ending Wednesday, a 9 basis-point drop from 6.72% a week earlier. Meanwhile, the average 15-year fixed mortgage rate was 5.75%, down from 5.85% a week earlier. 'The 30-year fixed-rate mortgage dropped to its lowest level since April,' Sam Khater, Freddie Mac's chief economist, said in a statement. 'The decline in rates increases prospective homebuyers' purchasing power.' 10-year Treasury yields, which mortgage rates closely track, plunged 16 basis points to 4.22% on Friday after new data showed the US added just 73,000 jobs in July, and a quarter million fewer jobs in May and June than previously reported. Amid fresh signs of labor market weakness, traders now see a 91% chance of the Federal Reserve cutting rates in September, according to CME FedWatch. Mortgage rates don't move in lockstep with benchmark interest rates, but they do move in response to expectations about future interest rate policy. Mortgage activity ticked up last week in response to lower rates. Applications to purchase a home were up 2% through Friday, according to the Mortgage Bankers Association. Refinancing applications jumped by 5% and were 18% higher than this time last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Mortgage rates dip near 2025 lows after weak jobs data
Mortgage rates dropped sharply this week after a weak July jobs report and steep downward revisions to prior months stoked fresh concerns about the health of the economy. The 30-year fixed mortgage rate was 6.63% through the week ending Wednesday, a 9 basis-point drop from 6.72% a week earlier. Meanwhile, the average 15-year fixed mortgage rate was 5.75%, down from 5.85% a week earlier. 'The 30-year fixed-rate mortgage dropped to its lowest level since April,' Sam Khater, Freddie Mac's chief economist, said in a statement. 'The decline in rates increases prospective homebuyers' purchasing power.' 10-year Treasury yields, which mortgage rates closely track, plunged 16 basis points to 4.22% on Friday after new data showed the US added just 73,000 jobs in July, and a quarter million fewer jobs in May and June than previously reported. Amid fresh signs of labor market weakness, traders now see a 91% chance of the Federal Reserve cutting rates in September, according to CME FedWatch. Mortgage rates don't move in lockstep with benchmark interest rates, but they do move in response to expectations about future interest rate policy. Mortgage activity ticked up last week in response to lower rates. Applications to purchase a home were up 2% through Friday, according to the Mortgage Bankers Association. Refinancing applications jumped by 5% and were 18% higher than this time last year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
