Posted on 06/07/2024 8:25:07 AM PDT by SeekAndFind
Mortgage rates dipped just under 7% this week after crossing above that threshold in the prior reading as rates remain stubbornly high, stifling the housing market.
Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage ticked down to 6.99% this week from 7.03% last week. The average rate on a 30-year loan was 6.71% a year ago.
The average rate on the 15-year fixed mortgage also decreased to 6.29% from 6.36% last week. One year ago, the rate on the 15-year fixed note averaged 6.07%.
(Excerpt) Read more at finance.yahoo.com ...
I need them to go to negative 10.3%
“ticked down to 6.99% this week from 7.03%”
Really......4 tenths of a percent?......I’m not impressed.
Wait until deflation hits.
If we really want to get inflation under control then we need three things:
1. The Feds to stop creating billions of electronic dollars every day.
2. Congress has to live within it’s means.
3. 16% to 20% interest rates long enough to tamp down inflation.
I’m half way through a ten-year at 2.65%.
Doesn’t look like a good time to refi.
I only go to McDs if I’m in need of being insulted by an employee with a bad attitude that dislikes White people. 😏
Let me know when it gets well enough below 2.99% to refinance.
272,000 new jobs blew out expectations, forget any rate cut by July. Looks like we will stay steady as she goes at historically normal rates.
Not today...the 10 year rate is up bigly because of the overreaction to payroll data, which will only be revised down later.
Thirteen years ago I bought my third house. Sold the second.
I missed 1/8 off the very bottom. Had a 15 year 2.375% no point mortgage. I only financed 70K. So, the last couple years I decided to just pay it off. The interest got to be under $2K/year. So, there was really no tax benefit of keeping it anymore. Also, I was not getting any interest on the money sitting in the bank. So, I wrote a check for the last $15K.
I just wish I had bought INVIDIA. 10 for 1 split today. It was around $125/share at the time.
FYI, my first house I bought in 1990 had a 10.375% mortgage from a credit union. I was pumped to refinance that eventually to 6.75%.
That is amazing!
/s
I AM CONVINCED THOSE ARE PHONY NUMBERS.
THE LAYOFFS add up to ALOT more than that.
BIDEN has lied about “new jobs” since God made dirt.
THE “REVISED” numbers are hidden on page 14.
Interest rates should not be set by the FED. It is not their job. Interest rates should be set by the market.
“THE LAYOFFS add up to ALOT more than that.”
Where did you get that information?
Really......4 tenths of a percent?......I’m not impressed.
I think that's 4 hundreths a percent.
“Interest rates should not be set by the FED. It is not their job. Interest rates should be set by the market.”
The FED only sets one rate, the overnight banking rate.
Banks/Mortgage companies set mortgage rates based on the spread they desire above the 10yr Treasury rate. The 10yr rate is set by traders in the Bond Market. The spread used to approximately 1.5%. I’ve asked mortgage people why that spread is now closer to 3% but no one can answer.
Using the old spread, the 30yr mortgage would be around %5.4 today.
“The spread used to approximately 1.5%”
Sorry, that should have been “The spread used to be approximately 1.5%.”
“The FED only sets one rate, the overnight banking rate.”
The Feds don’t set the rate. The rate is set by the banks.
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