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US 30-year mortgage rate tops 7%, highest since May 2024

(Reuters) -The interest rate for the most popular U.S. home loan rose last week to an eight-month high of 7.09%, extending an upward trend that's squeezing would-be homebuyers already facing rising house prices and limited supply. The average contract rate on a 30-year fixed-rate mortgage rose 10 basis points in the week ended Jan. 10, the Mortgage Bankers Association said on Wednesday. It was the fifth straight weekly rise and puts the main home-loan rate nearly a full percentage point above where it was in September, when the Federal Reserve began cutting short-term borrowing costs.

LA Rental Hits $40,000 a Month as Fires Roil Housing Market

(Bloomberg) -- Los Angeles already had a housing affordability crisis before devastating wildfires burned entire neighborhoods to the ground. The disaster is making it worse. Most Read from BloombergThese Homes Withstood the LA Fires. Architects Explain WhyAs E-Bikes Boom in NYC, Some Call for More RegulationsA Blueprint for Better Bike LanesIncoming calls at LA Estate Rentals, which manages and leases homes in some of the area’s costliest neighborhoods, have jumped to 500 a day, more than 10 ti

Biggest US banks ready mortgage relief for victims of Los Angeles wildfires

Chase Home Lending is providing disaster forbearance for mortgage customers affected by the wildfires, parent firm JPMorgan said on Monday. BofA also said its program includes the possibility of mortgage forbearance tailored to customer needs.

Swedish real estate group SBB says creditor drops lawsuit

Sweden's SBB said on Monday it had learned that one of its creditors, U.S. hedge fund Fir Tree Partners, will end remaining legal proceedings against the real estate group, boosting its share price. Fir Tree has since 2023 sought immediate debt repayment from SBB, citing what it said was a breach of a bond clause, a claim rejected by the Swedish group. Fir Tree did not immediately respond to a request for comment.

California homeowners insurance market tested as fires rage

Raging wildfires in Southern California are an early, high-stakes test of new regulations designed to shore up the state’s spiraling homeowners insurance market.

US 30-year fixed-rate mortgage rate hovers just under 7%

U.S. mortgage rates increased to a fresh six-month high this week, a trend that together with elevated house prices could further squeeze potential buyers from the market. The average rate on the popular 30-year fixed-rate mortgage climbed to 6.93%, the highest level since early July, from 6.91% last week, mortgage finance agency Freddie Mac said on Thursday. Mortgage rates have increased despite the Federal Reserve cutting its policy rate by 100 basis points last year after kicking off its easing cycle in September.

Average US long-term mortgage rate inches up to 6.93% this week for fourth straight increase

The average long-term U.S. mortgage rate ticked up again this week, remaining at its highest level since July. The benchmark 30-year fixed rate loan rate rose to 6.93% from 6.91% last week, according to mortgage giant Freddie Mac. It has risen for four straight weeks.

Mortgage rates jump again, approaching 7% barrier

Fourth week of higher rates comes after 10-year Treasury yields, which mirror mortgage rates, rose after new economic data released this week pointed to stickier inflation and more job openings.

Ally to End Mortgage Originations, Cut Jobs Across Company

(Bloomberg) -- Ally Financial Inc. will cut jobs, end mortgage originations and consider strategic alternatives for its credit-card business as borrowers have struggled to pay down costly debt.Most Read from BloombergNYC Condo Owners May Bear Costs of Landmark Green Building LawNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Can American Drivers Learn to Love Roundabouts?Can States Hit the Brakes on Runaway Roadbuilding?

US 30-Year Mortgage Rate Just Shy of 7% Weighs on Home Purchases

(Bloomberg) -- US mortgage rates edged up to just shy of 7% at the turn of year and a gauge of home-purchase applications tumbled to the lowest level since February, adding to evidence of a struggling housing market.Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’NYC Condo Owners May Bear Costs of Landmark Green Building LawCan American Drivers Learn to Love Roundabouts?Can States Hit the Brakes o

Risky UK Mortgage Bonds Face Cash Flow Pressure on Arrears

(Bloomberg) -- There is “significant uncertainty” about the ability of weaker UK home owners whose debt was bundled into residential mortgage-backed securities to repay the principal when the loans mature, according to Fitch Ratings.Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeDutch Central Bank Restores Amsterdam’s ‘Ugliest Building’NYC Condo Owners May Bear Costs of Landmark Green Building LawCan American Drivers Learn to Love Roundabouts?Can States

Australia Housing Downturn Likely ‘Short-Lived,’ CoreLogic Says

(Bloomberg) -- Australia’s housing market downturn is likely to be “shallow and short-lived,” though it’s hard to see growth returning until home affordability improves, according to CoreLogic Inc. Most Read from BloombergNYC’s Subway Violence Deters Drive to Bring Workers Back to OfficeCan American Drivers Learn to Love Roundabouts?Dutch Central Bank Restores Amsterdam’s ‘Ugliest Building’Don’t Shrink the BusCan States Hit the Brakes on Runaway Roadbuilding?The property consultancy’s national H

Listing a home in 2025? Here are the designs experts say buyers want.

The shiny silver fixtures and neutral paint colors that long dominated interior design are no longer drawing in prospective home buyers. What’s working instead: warmer-toned hues, textured elements, and dollops of character like accent walls.

Mortgage Brokers Made Rate Hikes More Painful, Says Bank of England

(Bloomberg) -- British homeowners were left particularly exposed to rising interest rates after mortgage brokers convinced them to sign shorter-term deals, according to research by the Bank of England.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYC Congestion Pricing to Take Effect After Years of DelaysNYC Congestion Pricing Takes Effect After Years of DelaysNYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueNYC Congestion Pricing Cleared by Judge for Su

US 30-year fixed-rate mortgage flirts with 7%

U.S. mortgage rates jumped to a six-month high this week, suggesting that a recent improvement in home sales could be temporary. The average rate on the popular 30-year fixed-rate mortgage increased to 6.91%, the highest level since early July, from 6.85% last week, mortgage finance agency Freddie Mac said on Thursday. "Compared to this time last year, rates are elevated and the market's affordability headwinds persist," said Sam Khater, Freddie Mac’s Chief Economist.

Average rate on a 30-year U.S. mortgage hits 6.91%, according to Freddie Mac, the highest since July

U.S. mortgage rates rose this week to the highest level since July. The benchmark 30-year fixed rate loan rate rose to 6.91% from 6.85% last week, according to mortgage giant Freddie Mac. The uptick in the cost of home loans reflects a rise in the bond yields that lenders use as a guide to price mortgages.

Mortgage rates start 2025 near 7%, hitting highest level since July

The average 30-year fixed-rate mortgage rose to 6.91% to start the new year.

US Mortgage Rates Approach 7% in Ominous Sign for Housing Market

(Bloomberg) -- US mortgage rates climbed closer to 7%, threatening to squeeze buyers trying to crack into the housing market.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resolution for 2025: Ride Your Local Subway or BusThe average on a 30-year mortgage rose to 6.91% as of Jan. 2, up fro

Singapore’s Home Prices Rebound on Year-End Sales Boom

(Bloomberg) -- Singapore private home prices rebounded after its first drop in more than a year, underpinned by a rush of sales of new projects.Most Read from BloombergIs This Weird Dome the Future of Watching Sports?NYPD Seeking Gunmen After 10 People Wounded Outside Queens VenueDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resolution for 2025: Ride Your Local Subway or BusPrivate residential prices rose 2.3% in the last

Australian home prices finally cool as 2024 comes to an end

Australia's home prices marked the first monthly decline in almost two years in December as high mortgage rates stretched affordability and more sellers emerged after a long run of gains. Figures from property consultant CoreLogic, released on Thursday, showed prices across the nation dipped 0.1% in December from the prior month, while values in the major capitals fell 0.2%. "Growth in housing values has been consistently weakening through the second half of the year, as affordability constraints weighed on buyer demand and advertised supply levels trended higher," said Tim Lawless, CoreLogic's research director.

Football Star Lionel Messi Lists His Real Estate Assets

(Bloomberg) -- Football star Lionel Messi carried out a listing of his real estate properties, valuing the portfolio at €223 million ($232 million).Most Read from BloombergDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesA Commuting Resolution for 2025: Ride Your Local Subway or BusThe company, called Edificio Rostower Socimi, has been listed as a real estate investment trust and owns seven hotels, commercial real estate for shops and of

The two big housing market trends to watch in 2025

All the housing market data for 2024 is in, and it’s fair to say that the housing market surprised us again! However, there are two big trends that stand out as we launch into 2025 — affordability and sellers in the market. The elephant in the room is affordability. Home prices finished 2024 up a […]

Housing contract activity, thanks to more inventory, rises for fourth straight month

Housing contract activity picked up for the fourth straight month in November as buyers shrugged off elevated mortgage rates and took advantage of higher inventory levels.

Mortgage rates rise again, finishing the year at 6.85% — just about the way they started

Mortgage rates ticked up again after the Fed revised rate-cutting expectations for 2025.

Average rate on a 30-year mortgage climbs to 6.85%, highest since July, as bond yields keep rising

The average rate on a 30-year mortgage in the U.S. rose for the second week in a row to its highest level since mid-July, reflecting a recent jump in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.85% from 6.72% last week, mortgage buyer Freddie Mac said Thursday. One year ago, the rate on a 30-year mortgage averaged 6.61%.

US accuses Rocket Homes of illegal kickbacks in mortgage scheme

According to the Consumer Financial Protection Bureau, Rocket Homes, one of the largest mortgage lenders in the United States, plied the real estate brokerages with referrals and other inducements so that the brokers and agents would steer real estate settlement business back to a Rocket affiliate. Jason Mitchell allegedly offered "dog bone" awards of $250 gift cards to agents making the most referrals back to favored partners, including Rocket affiliates Amrock and Rocket Mortgage, according to the CFPB.

The Container Store, buffeted by rough housing market and competition, seeks bankruptcy protection

The Container Store has filed for bankruptcy protection as the storage and organizational goods retailer with roots dating back to the 1970s grapples with mounting losses and cash flow shortages. Under Chapter 11 protection, The Container Store will continue to operate while it restructures. The company said Sunday that it had filed for bankruptcy protection in Texas.

The comeback of REITs: Top ways to play commercial real estate

Recent indications from the Federal Reserve of fewer rate cuts next year have served as a reality check for commercial real estate. But the sector may finally regain momentum in 2025.

Holiday superfans: What it’s like to be the baddest Christmas decorators on the block

A growing community of super-decorators spend months each year plotting elaborate displays and computerized light shows. Their motivation? Pure holiday cheer.

Why a housing market 'thaw' never came in 2024

Wall Street analysts had hoped the housing market would show signs of life in 2024. Instead, it remained stagnant: Sales of previously owned homes are poised to set the record for the worst year since 1995 for the second year in a row.

Office Rebound Expected in 2025 While Other Real Estate Stocks to See Trouble

(Bloomberg) -- It’s been a challenging couple of years for real estate stocks since the Federal Reserve started raising interest rates in 2022, as borrowing costs soared and the property market collapsed. And despite a healthy rebound in the middle of 2024, the outlook for 2025 isn’t particularly encouraging.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets a

US mortgage rates rise after three straight weekly declines

U.S. mortgage rates increased this week following three straight weekly declines and could rise further after the Federal Reserve projected fewer interest rate cuts in 2025, boosting the yield on the 10-year Treasury note. The average rate on the popular 30-year fixed-rate mortgage rose to 6.72% after falling to 6.60% last week, which was the lowest level since the week ending Oct. 24, mortgage finance agency Freddie Mac said on Thursday. "This week, mortgage rates crept up to a similar average as this time in 2023," said Sam Khater, Freddie Mac chief economist.

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The rate is now higher than it was a year ago, when it averaged 6.67%.

Mortgage rates ticked up this week despite latest Fed cut

Mortgage rates moved higher this week, averaging 6.72% for a 30-year loan, according to Freddie Mac.

Mortgage Rates Climb for First Time in a Month, Landing at 6.72%

(Bloomberg) -- Mortgage rates in the US rose for the first time in four weeks.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets as Saharan Dust Descends on SenegalThe average for a 30-year fixed loan was 6.72%, up from 6.6% last week, Freddie Mac said in a statement Thursday.The Federal Reserve on Wednesday cut its benchmark rate for the third time since mid-

US Existing-Home Sales Rise as Buyers Accept High Mortgage Rates

(Bloomberg) -- Existing-home sales in the US topped a rate of 4 million in November for the first time in six months as house hunters begrudgingly accept mortgage rates above 6%.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets as Saharan Dust Descends on SenegalContract closings increased 4.8% to an annualized rate of 4.15 million in November, the most since

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

The Federal Reserve's third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. The policymakers now envision two rate cuts next year, not the four they predicted back in September. Loan rates may barely budge if the Fed sticks with its plan to cut its key short-term rate only twice next year.

US single-family housing starts rebound; tariffs an obstacle

WASHINGTON (Reuters) -U.S. single-family homebuilding rebounded in November as the drag from hurricanes faded, but the threat of tariffs on imported goods and potential labor shortages from mass deportations of immigrants could hamper new construction next year. The report from the Commerce Department on Wednesday showed only a slight increase last month in permits for the future construction of single-family homes, suggesting that residential investment will probably not contribute much to economic growth in the fourth quarter. Higher mortgage rates even as the Federal Reserve has been lowering borrowing costs remain a constraint for the housing market, with promised tariffs and expulsions of undocumented immigrants by President-elect Donald Trump seen worsening the situation.

China retail sales slow as consumers hold back, while home prices fall

Chinese retail sales slowed in November and housing prices fell, the government said Monday, with demand still lackluster despite a flurry of stimulus measures over the past few months. The report came just a few days after top leaders ended an annual planning meeting in Beijing that produced no major new policy initiatives but included promises to do more to encourage people and businesses to spend more more. Analysts said ruling Communist Party leaders were leaving room to do more if U.S. President-elect Donald Trump delivers on his promises to raise tariffs on imports from China once he takes office.

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US 30-year fixed-rate mortgage flirts with 7%

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Singapore’s Home Prices Rebound on Year-End Sales Boom

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Housing contract activity, thanks to more inventory, rises for fourth straight month

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