Latest news with #housingMarket
South China Morning Post
09-07-2025
- Business
- South China Morning Post
Hong Kong home sales surge among lower-priced units thanks to stamp-duty adjustment
Hong Kong's residential property market recovery is gaining traction, with transactions of lower-priced homes rising sharply on the back of improved sentiment and recent government tax relief measures. From March to May, 3,780 residential properties priced between HK$3 million (US$382,000) and HK$4 million were sold, a 73 per cent increase from the same period last year, according to data disclosed by the government on Wednesday. The surge in activity came after the government adjusted stamp duty bands on February 26 to ease the burden on buyers of lower-valued properties. The maximum value of properties eligible for a flat HK$100 stamp duty was raised to HK$4 million from HK$3 million, helping buyers save up to HK$59,000. The fresh figures reinforced a broader improvement in Hong Kong's housing market. Residential transactions in June climbed to a seven-month high of 5,955 units, up 16.7 per cent from May, according to the Land Registry. It also marked the fourth consecutive month in which sales exceeded 5,000 units, a streak last seen before the 2021 market downturn. 'The fact that positive performance has continued this year, despite the absence of significant stimulus, indicates a more resilient and fundamentally sound housing market,' said Eddie Kwok, executive director at CBRE, in a research note on Thursday. In the first half of 2025, residential transactions rose 4.2 per cent year on year to 28,947 units, with about two-thirds coming from the secondary market, according to data compiled by property consultancy CBRE.
Yahoo
09-07-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, July 9, 2025: Higher on longer-term loans, unchanged on shorter
Mortgage interest rates are mixed today, with a bump higher on longer-term rates and no change on the shorter. According to Zillow, the average 30-year fixed rate rose nine basis points to 6.71%. The 15-year mortgage remained steady at 5.83%. Following last week's positive jobs report, bond traders have been readjusting their bearish positions. That has moved yields higher, including on the 10-year Treasury, a benchmark for mortgage rates. However, mixed sentiment is the enemy of momentum, and Wall Street is scrambling to decode the various signals between possible future interest rate cuts — and Trump tariffs. As a result, the bond market and mortgage rates are likely to be choppy this week. Read more: Housing costs are still the stickiest part of an otherwise cool inflation report Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.71% 20-year fixed: 6.31% 15-year fixed: 5.83% 5/1 ARM: 7.68% 7/1 ARM: 7.45% 30-year VA: 6.21% 15-year VA: 5.61% 5/1 VA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: Here's how mortgage rates are determined These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.78% 20-year fixed: 6.37% 15-year fixed: 5.98% 5/1 ARM: 7.72% 7/1 ARM: 7.58% 30-year VA: 6.22% 15-year VA: 5.94% 5/1 VA: 6.33% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things. To dive deeper, use the Yahoo Finance mortgage calculator, which includes homeowners insurance and property taxes in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest. There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. A 30-year fixed term comes with a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term. The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save potentially hundreds of thousands of dollars in interest over the course of your loan. However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term. Dig deeper: 15-year vs. 30-year mortgages Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years. The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't reflect this, though — fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.) With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year. But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road. Learn more: Adjustable-rate vs. fixed-rate mortgage The national average 30-year mortgage rate is 6.71% right now, according to Zillow. But keep in mind that averages can vary depending on where you live. For example, if you're buying in a city with a high cost of living, rates could be even higher. Mortgage rates will likely remain in a tight range over the next few months. There are many questions regarding the economy, inflation, and the job market. Don't look for big moves in interest rates unless bad economic news develops. Not significantly. Mortgage rates continue to be about where they were one year ago. In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
News.com.au
09-07-2025
- Business
- News.com.au
Why you should think about buying a house in Melbourne
The RBA has left interest rates on hold in a surprise move, meaning any fresh explosion in house prices has been delayed. This could be hopeful news for young people looking to buy a house. And there's one market in Australia where people are starting to notice value: Melbourne. The Melbourne discount is huge now. The following chart shows how much less you pay for a separate house in Melbourne compared to Sydney. MORE: Where you should've bought in Aus 10yrs ago Melbourne apartment values follow a similar pattern, albeit at a smaller discount to Sydney. Sydney house prices really are astonishingly high. Higher interest rates make houses cheaper, in theory. The more it costs to borrow money from the bank, the less people borrow and the less they have to spend. Lower interest rates do the opposite – they make houses more expensive. If you can afford to pay back $1000 a week, the bank will lend you more when rates are at 3 per cent than if rates are at 4 per cent and you will therefore have more to spend on a house, bidding the price up. So the RBA's surprise choice this week to leave interest rates at 3.85 per cent (everyone thought they would cut to 3.6 per cent) means any borrowing and spending boom in the housing market will be delayed for a while yet The RBA uses interest rates to control inflation, and as we all know inflation has been way too high. High interest rates are supposed to help inflation fall and they seem to have done that – inflation is back in the target range of 2 to 3 per cent. So people thought it was time to bring interest rates down. The monetary policy board saw it differently and said it 'could wait for a little more information to confirm that inflation remains on track.' Has housing gone crazy? It depends where you live. The RBA said in May: 'housing price growth has remained relatively stable, suggesting that it is yet to respond materially to easier borrowing conditions.' But that's on average across the country. There's only one interest rate for the nation. We don't' have an RBA of Adelaide – an RBAA. If we did they might not have cut interest rates at all because, yes, house prices in Adelaide have gone crazy. They're up 7.8 per cent over the last year, while Melbourne prices have fallen. The Melbourne discount, in fact is no longer only available vs Sydney. As the next chart shows the city is on special vs the whole country just about. Why have Melbourne house prices fallen vs the rest? The RBA's interest rate suppresses the whole market on average, so it can't explain the differences between markets. What is different between markets is supply and demand. As the next chart shows, Victoria now has more dwellings per person than it used to, thanks to building lots of apartments, and a population fall during covid. In the last little while, dwellings per person are rising. The reverse is true in WA, where dwellings per person are near a record low, and falling. I like to think about the supply and demand dynamics as the soil and the interest rate as the rain. When rate cuts arrive, rain will fall on these markets, but not all of them will blossom equally. If, based on this chart alone, I was going to pick a single destination where housing might not boom after the next rate cut, it would be the ACT. The Canberra discount could be the new version of the Melbourne discount and the ACT might be the best bet for home buyers in the next few years.
Yahoo
09-07-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, July 9, 2025: Higher on longer-term loans, unchanged on shorter
Mortgage interest rates are mixed today, with a bump higher on longer-term rates and no change on the shorter. According to Zillow, the average 30-year fixed rate rose nine basis points to 6.71%. The 15-year mortgage remained steady at 5.83%. Following last week's positive jobs report, bond traders have been readjusting their bearish positions. That has moved yields higher, including on the 10-year Treasury, a benchmark for mortgage rates. However, mixed sentiment is the enemy of momentum, and Wall Street is scrambling to decode the various signals between possible future interest rate cuts — and Trump tariffs. As a result, the bond market and mortgage rates are likely to be choppy this week. Read more: Housing costs are still the stickiest part of an otherwise cool inflation report Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.71% 20-year fixed: 6.31% 15-year fixed: 5.83% 5/1 ARM: 7.68% 7/1 ARM: 7.45% 30-year VA: 6.21% 15-year VA: 5.61% 5/1 VA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: Here's how mortgage rates are determined These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.78% 20-year fixed: 6.37% 15-year fixed: 5.98% 5/1 ARM: 7.72% 7/1 ARM: 7.58% 30-year VA: 6.22% 15-year VA: 5.94% 5/1 VA: 6.33% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things. To dive deeper, use the Yahoo Finance mortgage calculator, which includes homeowners insurance and property taxes in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest. There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. A 30-year fixed term comes with a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term. The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save potentially hundreds of thousands of dollars in interest over the course of your loan. However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term. Dig deeper: 15-year vs. 30-year mortgages Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years. The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't reflect this, though — fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.) With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year. But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road. Learn more: Adjustable-rate vs. fixed-rate mortgage The national average 30-year mortgage rate is 6.71% right now, according to Zillow. But keep in mind that averages can vary depending on where you live. For example, if you're buying in a city with a high cost of living, rates could be even higher. Mortgage rates will likely remain in a tight range over the next few months. There are many questions regarding the economy, inflation, and the job market. Don't look for big moves in interest rates unless bad economic news develops. Not significantly. Mortgage rates continue to be about where they were one year ago. In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
CNET
09-07-2025
- Business
- CNET
Key Rates Move Higher for Homebuyers: Mortgage Interest Rates for July 9, 2025
Check out CNET Money's weekly mortgage rate forecast for a more in-depth look at what's next for Fed rate cuts, labor data and inflation. For a 30-year fixed-rate mortgage, the average rate you'll pay is 6.72% today, an increase of 0.03% compared to one week ago. The average rate for a 15-year fixed mortgage is 5.94%, which is an increase of 0.05% since last week. To secure a lower mortgage interest rate, consider increasing your down payment, improving your credit score or purchasing mortgage points. What's behind high rates these days? Stubborn inflation, threats of a global trade war and policy turbulence have created an uncertain economic outlook. In response, the Federal Reserve has adopted a wait-and-see approach and left interest rates unchanged this year. Most economists predict the Fed will start lowering rates in September. If President Trump eases some of his aggressive tariff measures or if the labor market continues to deteriorate, the Fed might cut interest rates earlier, potentially as soon as late July. Prospective homebuyers shouldn't bank on mortgage rates becoming affordable overnight. While cheaper borrowing costs gradually trickle down to the housing market, the Fed doesn't directly set lenders' mortgage rates. In today's unaffordable housing market, mortgage rates are just one piece of the puzzle. High home prices and skyrocketing homeownership expenses, like insurance and property taxes, are further compounding the pressure on prospective buyers. The possibility of a job-loss recession is also pushing many households to tighten their budgets and take on less financial risk. When mortgage rates start to fall, be ready to take advantage. Experts recommend shopping around and comparing multiple offers to get the lowest rate. Enter your information here to get a custom quote from one of CNET's partner lenders. About these rates: Bankrate's tool features rates from partner lenders that you can use when comparing multiple mortgage rates. Are mortgage rates considered high right now? With mortgage rates stuck above 6.5%, it's not shaping up to be a hot summer housing market. Mortgage rates are closely tied to the bond market, specifically the 10-year Treasury yield, which responds to investors' expectations for inflation, labor data, changes to monetary policy and global measures like tariffs. "Rates could fall if inflation keeps cooling and the labor market softens," said Jeb Smith, licensed real estate agent and member of CNET Money's expert review board. "On the other hand, tariffs could create new inflation pressure. Add in government deficits and increased bond supply, and that puts upward pressure on rates." Even as the Fed eventually starts to lower interest rates, experts warn of a lot more volatility in the market. As a result, homebuyers are being more patient and strategic about financing, comparing different loan types and planning ahead. "Some are waiting, others are getting pre-approved now so they're ready to act if rates fall," said Smith. For a look at mortgage rate movement in recent years, see the chart below. Mortgage predictions for 2025 Despite hopes that 2025 would bring relief to the housing market, economic and political instability have kept it stuck in neutral. Median family income has not kept pace with the surge in housing costs, requiring many households to earn double or triple their salary to afford a modest home in some cities. Mortgage rates would have to take a big step down, close to 6% or below, to drum up significant homebuying demand. But according to Smith, the more likely scenario is a slow and steady decline in borrowing costs. A return to the record-low rates, around 2-3%, we saw during the pandemic would only happen if the economy tipped into a severe recession. Fannie Mae now expects rates around 6.5% by the end of 2025 and 6.1% by the end of 2026. Numerous risks could keep rates elevated. For instance, if tariffs cause inflation to reignite, which most experts and Fed officials expect, it could result in higher bond yields and fewer interest rate cuts by the central bank. Both would be bad for mortgage rates. What are the different mortgage types? Each mortgage has a loan term, or payment schedule. The most common mortgage terms are 15 and 30 years, although 10-, 20- and 40-year mortgages also exist. With a fixed-rate mortgage, the interest rate is set for the duration of the loan, offering stability. With an adjustable-rate mortgage, the interest rate is only fixed for a certain amount of time (commonly five, seven or 10 years), after which the rate adjusts annually based on the market. Fixed-rate mortgages are a better option if you plan to live in a home in the long term, but adjustable-rate mortgages may offer lower interest rates upfront. 30-year fixed-rate mortgages The average 30-year fixed mortgage interest rate is 6.72% today. A 30-year fixed mortgage is the most common loan term. It will often have a higher interest rate than a 15-year mortgage, but you'll have a lower monthly payment. 15-year fixed-rate mortgages Today, the average rate for a 15-year, fixed mortgage is 5.94%. Though you'll have a bigger monthly payment than a 30-year fixed mortgage, a 15-year loan usually comes with a lower interest rate, allowing you to pay less interest in the long run and pay off your mortgage sooner. 5/1 adjustable-rate mortgages A 5/1 ARM has an average rate of 5.90% today. You'll typically get a lower introductory interest rate with a 5/1 ARM in the first five years of the mortgage. But you could pay more after that period, depending on how the rate adjusts annually. If you plan to sell or refinance your house within five years, an ARM could be a good option. Calculate your monthly mortgage payment Getting a mortgage should always depend on your financial situation and long-term goals. The most important thing is to make a budget and try to stay within your means. CNET's mortgage calculator below can help homebuyers prepare for monthly mortgage payments. How can I find the best mortgage rates? Though mortgage rates and home prices are high, the housing market won't be unaffordable forever. It's always a good time to save for a down payment and improve your credit score to help you secure a competitive mortgage rate when the time is right. Save for a bigger down payment: Though a 20% down payment isn't required, a larger upfront payment means taking out a smaller mortgage, which will help you save in interest. Boost your credit score: You can qualify for a conventional mortgage with a 620 credit score, but a higher score of at least 740 will get you better rates. Pay off debt: Experts recommend a debt-to-income ratio of 36% or less to help you qualify for the best rates. Not carrying other debt will put you in a better position to handle your monthly payments. Research loans and assistance: Government-sponsored loans have more flexible borrowing requirements than conventional loans. Some government-sponsored or private programs can also help with your down payment and closing costs. Shop around for lenders: Researching and comparing multiple loan offers from different lenders can help you secure the lowest mortgage rate for your situation.
